At 9.3 mn, a third of MFI borrowers are defaulters

Somasroy Chakraborty & Parnika Sokhi
Business Standard

Almost one in every three borrowers did not repay loans to microfinance companies since the industry plunged into a crisis in October 2010. In absolute terms, close to 9.2 million customers (almost equal to Mumbai’s suburban population) have defaulted on loan repayment. Microfinance institutions currently have around 32 million clients in the country.