Annual Benchmark Report for India Now Available
Out of the 10 institutions that received in-principle licenses from the Reserve Bank of India to start small finance banks in FY 2015, 8 of them operationalized in FY 2016. As a result, those institutions started accepting deposits and are able to offer a wide range of savings and credit products to customers. The initial challenge these institutions faced was restructuring and transforming into a bank from a non-bank financial institution (NBFI) as they now must adhere to the prudential regulations. The largest impact on the microfinance industry this year was the effect of demonetization. Since most of the transactions of lending and repayments are cash-based, demonetization affected both the financial service providers as well as the borrowers. For more information on the financial industry's performance in FY 2016-2017, access the Annual Benchmark Report for India for FY 2016-2017.
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