Banks continue to dominate the microfinance market with portfolio share of 37.7 per cent. This is followed by NBFC-MFIs with a share of 33.3 per cent and Small Finance Banks (SFBs) at 17.1 per cent, as of March 2022, according to a quarterly report released by CRIF High Mark, a credit information bureau, on Wednesday.

The high level of sticky loans has shortened the odds on more future write-off by lenders. Write-offs increased to 4.8% at the end of March from 4.4% of the total portfolio three months prior to that, according to the CRIF data, which was released Wednesday.

Microfinance loans overdue by over 30 days along with restructured loans are estimated to have declined 800 basis points to around 14% as of March 2022, after peaking at approximately 22% in September 2021, rating agency Crisil said. But it remains well above the pre-pandemic levels of 3%, Crisil said in May.

Ajeet Kumar Singh, Founder Director, MD, and CEO of SAVE Solutions said in a statement, “We are focusing on areas where we can have a direct impact on job creation and job readiness because we feel a strong sense of obligation to give back to our country and propel financial inclusion.”

From the requirement to refinance about USD 3 billion at the start of the current fiscal year, Vedanta Resources' debt maturities for the rest of the fiscal are now about USD 1.3 billion.

The ET Future of Money Summit, in its inaugural edition, will help India's transition to a truly digital and cashless economy. . The inaugural edition will be held as a fully virtual event on July 26 and 27, 2022 from 11:30 am onwards.

For a deposit tenure between 12-to-18 months, the FD will offer a mark-up of 1.1% on the prevailing repo rate. At the current repo rate of 4.9%, this will fetch a rate of 6%. For a deposit maturing between 18 months to 3 years, the mark-up is 1.6%, bringing the rate of interest to 6.5%.

The government is building a database on cooperatives to expand this sector, as it is important for boosting farm growth and doubling farmers’ income, Shah added. The incomes of farmers cannot be raised without improving the sector, especially irrigation, he pointed out, and urged cooperative banks to focus on providing loans for increasing irrigated land.

With the rupee breaching the psychological ₹80 versus the US dollar for the first time and the spot market USD-INR gauge heading towards that mark, companies that have significant overseas liabilities fear margin pressure will impact their nascent revival after the pandemic.