Delinquency rate of MFIs falls 20% in Apr-Oct
07 Jan 2014
Credit information company ECIS said on Monday the delinquency rate
of micro-finance institutions (MFIs) has declined by 20% between April
and October 2013.
"Delinquency rate by the number of accounts that are more than
30 days outstanding has declined 20% from 1% in April to 0.8% in
October 2013," Equifax Credit Information Services (ECIS) said in
a report. Earlier this year, ECIS had reported that delinquency by
number of accounts that are more than 30 days due had declined by more
than 33% from more than 1.5% in mid-2012 to around 1 per cent in April 2013.
“We are working extensively with them to increase the usage of the
other solutions we offer from our end-to-end suite of MFI
products," its managing director and chief executive Sanjay Patel said.
ECIS is a joint venture between Equifax of the US, SBI, BoB, Bank of
India, Union Bank of India, Kotak Mahindra Prime, Religare Finvest and
Sundaram Finance and has over 120 MFIs as its members in the country.