It has also put on hold acquisition of new members - those with prior credit history with other lenders- in a few states as a measure to improve asset quality. Shalabh Saxena, managing director (MD) and chief executive officer (CEO), in a statement to the BSE, said it was a challenging quarter (Q1 FY25).
The long-drawn general elections, severe heat wave across the country and higher attrition in select geographies posed a challenge to the quality of portfolio.
MFIs gross non-performing assets (gross NPAs) rose to 2.6 per cent in Q1 FY25 from 1.63 per cent a year ago. Sequentially, they were up from 1.5 per cent at the end of March 2024 (Q4 FY24).
This story is from the July 29, 2024 edition of Business Standard.
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This story is from the July 29, 2024 edition of Business Standard.
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