Bihar Surpasses Tamil Nadu as State with Highest Microlending Borrowings

Daily Current Affairs / Bihar Surpasses Tamil Nadu as State with Highest Microlending Borrowings

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Category : State Published on: July 10 2023

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Bihar has overtaken Tamil Nadu to emerge as the state with the highest microlending borrowings as of March 2023.
The report, published by credit information company CRIF High Mark, highlights Bihar's impressive growth with a 13.5 per cent increase in the gross loan portfolio during the March quarter compared to the previous quarter.
As of March 2023, Bihar’s microfinance (MFI) borrowings amounted to Rs 48,900 crore, accounting for 14.5 percent of the overall portfolio.
Meanwhile, Tamil Nadu’s MFI borrowings stood at Rs 46,300 crore, representing 13.7 percent of the total outstanding.
This significant shift in rankings reflects Bihar’s rising prominence in the microfinance sector.