Government push for the growth of small and medium enterprises and lower-income groups driving microfinance market in India
New Delhi, July 29, 2020: According to TechSci Research report, “India Microfinance Market By Type, By Bank Type, By Non-Banks, By End-Use, By Area, By Region, Competition, Forecast & Opportunities, 2025”, microfinancemarket in India is anticipated to grow at a brisk CAGR of more than 40% during 2021 – 2025, predominantlyon account of increasing demand for microfinance loans from the country’s MSME sector. The main objective of microfinance organizations is to provide a chance to low-salary borrowers to become self-sufficient. This sector plays an important role in promoting inclusive growth by providing credit to borrowers who fall under BPL category. This industry is also helping the women, especially from rural areas, to avail small loans at affordable rates.
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“India Microfinance Market”
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Microfinance market in India can be segmented based on By Type, By Bank Type, By End-Use, By Area, and By Region.Based on types, India microfinance market is segmented into banks and non-banks. In India, bank are the preferred sources for microfinance. Banks dominated the market in 2020 and the trend is likely to continue in the forthcoming years as well. This is due to banks offering attractive interest rates compared to non-banking institutions.In terms of Bank Type segmentation, the market is categorized into small finance banks, commercial banks, regional rural banks, and cooperative banks. Small finance banks accounted for the largest market share in 2020 and the trend is expected to continue during the forecast period. By End-Use, the market is segmented into Agriculture and Allied, Services, Trade & Business, Education, Production/manufacturing, and others. Agriculture and Allied segment dominates the end use segment of microfinance market in India. Regionwise, India microfinance market is segmented into North, South, West and East regions. South region accounted for the highest market sharein 2020, followed by West, North and East regions.The East region is foreseen to witness fastest CAGR during the forecast years.
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Major players operating in India microfinance market include Jana Small Finance Bank Limited, Belstar Investment and Finance Private Limited, Ujjivan Small Finance Bank Limited, Satin Creditcare Network Limited, Annapurna Microfinance Pvt. Ltd, BSS Microfinance Pvt. Ltd, Fusion Microfinance, Future Financial Services Private Limited, Asirvad Microfinance Pvt. Ltd, Mudra Microfinance, and Others. Growing technological advancements and government initiatives towards digital innovations like ‘Broadband for All’, which aims to cover over 200,000 villages in India, will reduce the barrier for the adoption of MFI, which will further boost India microfinancing market over the next five years. Moreover, low interest rate scenario along with increasing urbanization would further steer growth in India microfinance market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Microfinance Market By Type, By Bank Type, By Non-Banks, By End-Use, By Area, By Region, Competition, Forecast & Opportunities, 2025”has analyzed the potential of microfinance market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India microfinance market.
Corporate Comm India (CCI Newswire)
