Bihar has overtaken Tamil Nadu to become the state with the highest microlending borrowings in India as of March 2023, according to a report released.
The report, published by credit information company Crif High Mark, highlighted Bihar’s impressive growth with a 13.5 percent increase in the gross lending portfolio during the March quarter compared to the previous quarter.
The overall MFI portfolio outstanding witnessed substantial growth, reaching Rs 3.37 lakh crore by the end of March, reflecting a 17.9 percent increase.
The report also highlighted an improvement in asset quality. The proportion of MFI loans overdue for over 90 days decreased to 1.1 percent in March 2023, compared to 2 percent in December 2022.
