Corona Update India – May 2021

While the deadly second wave of the Covid19 in India has greatly affected its citizens and many of its structures, Indian MFIs have stayed resilient and we can see the positive results & impact despite the pandemic.

For instance, Mumbai based MFI – Svatantra Microfin Pvt. Ltd (AFI facilitated loan transaction between IIV and Svatantra in Jan 2021), smartly embarked on their plan for a cashless collection of loan repayments prior to the pandemic which included educating clients and providing them infrastructure for online transfer and creating a significant number of point of collections through alliances. This effort has indeed paid off today because even while the country is in lockdown, these channels continue to provide support the MFI in collections while also making the repayment process easy for their customers. For the month of April, 2021 the company’s current collection efficiency has been more than 92% in all states expect in the state of Assam (GLP exposure @ 0.5%) where the current collection efficiency is close to 75%. Great work Svatantra Microfin Pvt. Ltd!

AFI stands in solidarity and support with all our partners in India during this hard time and wish them good health and safety. We will continue to monitor the situation in India and keep you up to date.

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