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Demonetisation lands sharp blow on microfinance sector

Delinquency rose from 1.4% in September 2016 to peak at 23.7% in February 2017

Subir Roy  |  Kolkata 

It is not widely realised that demonetisation dealt a severe blow to the microfinance sector. As a result, significant sections of India’s working poor, who were seeking to pull themselves out of poverty by taking small loans form microfinance institutions (MFIs), also suffered a setback.  This went against the aim of two official policies. Eight of the 10 small finance bank licences issued by the Reserve Bank of India went to MFIs, making them a key engine to promote financial inclusion and reduce poverty. Trouble for them has meant a setback to those goals. Plus, the ...

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First Published: Mon, May 01 2017. 23:45 IST