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Business News » Companies News

Loan disbursement continues to fall post demonetisation, says BFIL

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Loan disbursement continues to fall post demonetisation, says BFIL
The company said that the disbursements as a percentage of collections witnessed a steady decline in rates after November 11. Image Source: Reuters

Non-banking micro-finance company, Bharat Financial Inclusion Limited (BFIL), on Tuesday unveiled data that showed post demonetisation loan disbursement has witnessed a steady decline.

The company said that the disbursements as a percentage of collections witnessed a steady decline in rates after November 11.

During November 14-18, loans amounting to Rs 170 crore were disbursed while disbursements as a percentage of collection was at 75%. However, from December 12 to December 15 loans disbursed were to the tune of Rs 156 crore while its corresponding percentage of collections dropped to 67%.

The company data showed that a total of Rs 970 crore in loans have been disbursed post the demonetisation announcement on November 8.

Image Source: BFIL report

“99% Loans for Income generating activities and most of our customers undertake economic activities, which cater to non-discretionary spending in the local milieu (Livestock (Eg:Milk) -33%, Grocery -10%, Eateries -4% etc.),” the company said.

The company said that it had also seen a ‘four-week lag’ in terms of debt collection efficiency during the demonetisation phase.

Collection efficiency by the company remained at 97.7% during this period.

Image Source: BFIL report

“We continue to disburse in centers, only if the collection efficiency of that center is 100%,” the company added.

The company further said that disbursement of loans were conducted by recycling cash collections, due to the restrictions on current account withdrawals of up to Rs 50,000 per week. 

“Disbursement to customer bank accounts are also limited due to ATM withdrawal limits and limited availability of cash at bank branches,” the company added.

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TAGS:
DemonetisationloansMicrofinanceBFILBharat Financial Inclusion LtdBanking & Financial sectorPM Modi
Written By: ZeeBiz WebTeam
Updated: Tue, Dec 20, 2016
01:46 pm
Mumbai, ZeeBiz WebDesk
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