Source: Financial Chronicle.
Complete article available online.
Despite the global slowdown, the Indian micro finance institutions are on an upsurge. The micro finance institutions have registered a whopping 100 per cent increase in the total loan portfolio at Rs 11,700 crore at the end of March. The total number of clients too increased to 76.6 million at the end of 2008-09 against 59 million clients a year-ago.
“Unlike the global scenario, the micro finance institutions (MFIs) in India have shown a rapid growth and we added close to 8.5 million clients during 2008-09, an increase of 60 per cent over the previous year,” said Brij Mohan, chairperson of Access Development Services.
“The average cost of lending for MFIs is coming down by 1.5 per cent every year and the average rate of lending stands at 21.5 per cent,” Mohan added….
Remainder of article available online.
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