07 Jan 2014
Edition: Page 3
Credit information company ECIS on Monday said the delinquency rate
of micro-finance institutions (MFIs) has declined by 20 per cent
between April and October 2013.
“Delinquency rate by the number of accounts that are more than 30
days outstanding has declined 20 per cent from 1 per cent in April to
0.8 per cent 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
per cent from more than 1.5 per cent in mid-2012 to around 1 per cent
in April 2013.
“Seeing the continued decline in delinquency rates gives us
confidence that our MFI members are benefitting from ECIS’ credit
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 Inc of the US, State Bank of
India, Bank of Baroda, 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.