Entire report work is spearheaded by Mr. Ardhendu Nandi with active support of his colleagues Ms. Shyamasree Nandan and Mr. P.M.

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2 Preface The journey of microfinance started as a source of financial services for entrepreneurs and small businesses lacking access to banking and related services with a mission to empower the vulnerable sections of the society by bringing them into mainstream financial services. Despite of many challenges during the journey, this sector is playing an important role for financial inclusion agenda of Govt. of India. This sector has grown up over this period and caught the eye of various stakeholders. By considering its operation status and network strength, Reserve Bank of India (RBI) recognized this sector by giving more responsibilities. These responsibilities are as follows: (1) Recognition of NBFC-MFIs under the agent model of banking (BC), (2) Introduction of Small Finance Banks and Payment Banks. (3) Funding microenterprises through MUDRA. On the other hand, RBI also tightened the monitoring by reforming regulation norms and granting of Self-Regulatory Organization status to microfinance industry associations. With passage of time and increased responsibilities, annual publication of The Bharat Microfinance Report (BMR) is not sufficient to cater to the need of the stakeholders. Now stakeholders need to know the performance of this sector more frequently. So considering the need of the government, policy makers, regulators, lenders and other stakeholders, Sa-Dhan has started collecting data on quarterly basis. In this endeavor, our member MFIs contributed data and enabled Sa-Dhan to come out Q-MF Sa-Dhan Quarterly Report on the Microfinance Sector. We would like to thank them for their support and cooperation during data collection and data validation process. This Q-MF provides an overview of comparative analysis of Q2 FY with previous quarter (Q1 FY ). Report is not exactly comparable with the Bharat Microfinance Report as the number of institutions reporting is

3 lower. The analysis presented in this report is based on the data collected from 50 MFIs, 40 of whom are the NBFC-MFIs and rest being non-nbfc-mfis. The list of contributing MFIs is attached separately. The quantum of credit made available to the poor and financially excluded clients has crossed ` 32,000 crore and number of clients benefitted crossed 23 million as of 30 th September Entire report work is spearheaded by Mr. Ardhendu Nandi with active support of his colleagues Ms. Shyamasree Nandan and Mr. P.M. Kamalesh We hope this Q-MF would be extremely useful to you. P. Satish Executive Director February 2016

4 S. No. Performance Highlights: A Snapshot Indicator As of 30th Sept 2015 As of 30th June 2015 Growth on Q2 over Q1 1 No. of Branches 6,726 6, % 2 No. of Total Staff 56,234 53, % 3 Out of 2 above, No. of Loan Officers 36,474 34, % 4 Client Outreach (in lakh) % 5 Net Loan Portfolio Outstanding for the period (On -balance sheet only) (` in crore) 6 Managed/Securitized Portfolio for the period (Off - balance sheet only) (` in crore) 25,503 22, % 6,688 6, % 7 Out of 7 above, BC Portfolio (` in crore) 4,682 3, % 8 Gross Loan Portfolio Outstanding for 32,191 29, % the period (On - balance + Off-balance sheet) (` in crore) 9 Total Assets (` in crore) 31,820 28, % During July 15 to Sept 15 During April 1 5 to June No. of Loans disbursed (in lakh) Loan amount disbursed (` in crore) 10,842 14, Loan received (` in crore) 6,205 3, Live insured (in lakh) Sum insured (` in crore) 13,137 18, Pension accounts (in lakh) 44 3 This summary is based on the data collected from 48 MFIs, out of which 38 NBFC-MFIs and 10 non-nbfc-mfis. Change

5 No. of Branches 1. Outreach and Loan Portfolio 1.1 Geographical Spread of Microfinance MFIs are currently serving 230 lakhs clients through 6726 branches by staff (out which are field staff) across 28 States, 5 Union Territories. 1.2 Branch Network As of 30 th September 2015, MFIs have increased their branches to 6726, posting a growth of 4% compared to Q 1 FY Karnataka, Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra are top states in terms of number of branches. Figure 1: MFI Branch Network: Total and Category wise break up Q2 FY16 Q1 FY Branch Network across Region Eastern region has the highest concentration of MFIs in terms of branches. Out of the total Branch network of 6726, East accounts for 27%, followed by South with 25%, North with 17%, West with 12%, Central and Northeast region have 12% and 6% of the branch network respectively.

6 Client Outreach (in lakh) Figure 2: Region-wise Branch Network Northeast 6% West 12% East 27% Central 13% North 17% South 25% 1.3 Client Outreach The total number of clients served by MFIs stood at 230 lakh as on 30 September 2015, a growth of 4.23% over Q 1 FY Figure 3: Client Outreach: Total and Category wise break up Q2 FY16 Q1 FY Regional Outreach of MFIs Out of the total client base of 230 lakh, South alone contributed 44%, followed by East with 22%, North with 14%, West with 9%, Central and Northeast have

Gross Loan Portfolio (` in crore) 8% and 3% of the client base respectively.

Portfolio (GLP) of MFIs stood at ` 32,191 Cr., growth of 10% over Q1 FY15-16.

7 Gross Loan Portfolio (` in crore) 8% and 3% of the client base respectively. Top five states account for 64% of total client outreach and rest of other states hold only 36% of total clientele. Figure 4: Client Outreach across Region Northeast 3% North 14% West 9% Central 8% South 44% East 22% 1.4 Loan Portfolio of MFIs As of 30 th September 2015, aggregate Gross Loan Portfolio (GLP) of MFIs stood at ` 32,191 Cr., growth of 10% over Q1 FY Net Portfolio is ` 25,503 Cr., 79.2% of the aggregated GLP. Figure 5: Gross Loan Portfolio: Total and Category wise break up Q2 FY Q1 FY 15-16

8 Managed Portfolio (` in crore) GLP - after deducting BC Portfolio (` in crore) Figure 6: Gross Loan Portfolio (after deducting BC Portfolio): Total and Category wise break up Q2 FY As of 30 th September 2015, aggregate BC (Business Correspondent) Portfolio stood at ` 4,682 crore, growth of 52% over Q1 FY Managed Portfolio MFIs have collectively managed a Portfolio of ` 6,688 crore as of 30 September This represents a growth of 20.8% over previous quarter. The distribution of the portfolio among different categories of MFIs is also displayed in the chart below. Out of total Managed portfolio, BC Portfolio is ` 4,682 Cr. Figure 7: Managed Portfolio: Total and Category wise break up Total Managed Portfolio BC Portfolio Mananged Portfolio excluding BC Portfolio crore crore crore crore 2550 >500 crore Q2 FY 15-16

loan portfolio outstanding of MFIs with 46%, followed by East with 19%, North with 14%,

Figure 8: Regional Breakup of Loan Portfolio Central 8% Northeast 4% West 9% North 14%

9 Loan Disbursed (` in crore) Regional Spread of Loan Portfolio Among the regions, South still dominates the overall loan portfolio outstanding of MFIs with 46%, followed by East with 19%, North with 14%, West with 9%, Central and Northeast have 8% and 4% respectively. Five top states account for 65% GLP. Top five states hold 65% of total GLP and rest other states hold only 35% of total GLP. Figure 8: Regional Breakup of Loan Portfolio Central 8% Northeast 4% West 9% North 14% South 46% East 19% 1.5 Loan Disbursement During Q 2 (July 15 to September 15, MFIs disbursed ` 10,842 crore to 63 lakhs clients. Figure 9: Loan Disbursement: Total and Category wise break up Q2 FY16

No. of Loan Disbursed Figure 10: Number Loan Disbursed: Total and

1.5.1 Loan Disbursement across Region Among the regions, South still

with 13%, North and Northeast with 7% and 1% respectively.

10 No. of Loan Disbursed Figure 10: Number Loan Disbursed: Total and Category wise break up Q2 FY Loan Disbursement across Region Among the regions, South still dominates with 49%, followed by East with 17%, West with 13%, Central with 13%, North and Northeast with 7% and 1% respectively. Figure 11: Loan Disbursement across Region Northeast 1% Central 13% North 7% West 13% South 49% East 17%

2. Workforce, Productivity and Portfolio Quality 2.

Out of Total Staff, number of Field Staff reached to 36474, a growth of 5.63% compared to Q 1 FY15-16. Figure 12: No.

36014 34105 10000 0 1769 1347 290 279 1866 1469 Total Staff 1-10 crore 10-50 crore 50-100 crore 100-500 crore >500 crore

This is obviously because of the labour intensive nature of the MFI operations, which involves human interaction with

11 2. Workforce, Productivity and Portfolio Quality 2.1 Workforce in MFIs As of 30 th September 2015, MFIs have staff, posting a growth of 6.07%compared to Q 1 FY15-16.Out of Total Staff, number of Field Staff reached to 36474, a growth of 5.63% compared to Q 1 FY Figure 12: No. of MFI Staff: Total Staff and Category wise break up of Total Staff Total Staff 1-10 crore crore crore crore >500 crore Q2 FY Q1 FY Sixty five per cent (65%) of total staff is field staff, working in the branches of MFIs. This is obviously because of the labour intensive nature of the MFI operations, which involves human interaction with clients. Other Staff comprises 35% of the total staff who are professional or administrative staff who perform general office related. Figure 13: MFI Field Staff vs Other Staff Other Staff 35% Field Staff 65%

12 2.2 Staff Productivity Clients per Loan Officer It measures the number of active borrowers served by a credit officer. The ratio is an effective way to measure the productivity. The number is significant as it determines the quantity and quality of time spent by the credit officer with a borrower, affecting his/her service quality. The figure 14 shows that overall performance has improved as number of client served by a credit officer has reduced from 638 in Q 1 to 629 in Q 2. Similarly, performance of the MFIs in the category of Rs 1-10 crore, ` crore, and ` crore also improved in staff productivity during same period. But performance of the MFIs under the category of ` crore, and >` 500 crore has deteriorated during same period in this parameter. Figure 14: Client per Loan Officer: Total and Category-wise breakup Q2 FY16 Q1 FY Client per Branch The figure 15 shows that number of clients served per branch has increased in Q2 from Q1 both in total and each category of MFIs except ` crore category.

13 GLP per Loan Officer (` in lkah) Figure 15: Client per Branch: Total and Category-wise breakup Q2 FY16 Q1 FY GLP per Loan Officer The figure 16 shows that GLP per Loan Officer has increased in Q2 from Q1 both in total and each category of MFIs except ` crore category. Figure 16: GLP per Loan Officer: Total and Category-wise breakup Q2 FY16 Q1 FY16

14 GLP per Branch (` in lakh) GLP per Branch The figure 17 shows that GLP per Loan Officer has increased in Q2 from Q1 both in total and each category of MFIs. Figure 17: GLP per Branch: Total and Category-wise breakup Q2 FY16 Q1 FY Portfolio Quality Figure 18: Loan Portfolio at Risk: Total and Category-wise breakup 1.14% 0.64% 0.43% 0.22% 0.31% 0.20% 0.24% 0.17% 0.21% 0.13% 0.16% 0.05% 0.07% 0.15% 0.03% 0.06% 0.03% 0.29% > 30 days > 90 days >180 days

15 Outstanding Borrowing (` in crore) Totl Assets (`in crore) 3. Financial Data 3.1 Total Assets As of 30 September 2015, MFIs have total assets of ` 31,820, an increase of 13% over Q 1 FY Total assets also increased in all categories of MFIs. Figure 19: Total Assets: Total and Category-wise breakup Q2 FY Q1 FY Outstanding Borrowings Figure 20: Total Assets: Total and Category-wise breakup Q2 FY Q1 FY 15-16

16 Amount (` in crore) Outstanding borrowings of the MFIs stood at ` 23,028 of 30 September 2015, increase by 20% over Q 1 FY Total assets also increased in all categories of MFIs. 4. Funding 4.1. Fund received from different sources MFIs received ` 6,205 crore during Q2. Out of total funds received, private sector banks provided ` 1,969 crore, followed by public sector banks with `1,451 crore. A distinct feature of Q2 was that NABARD s funding was higher than that of SIDBI and MUDRA. Figure 21: Fund received from different sources Public Private sector Bank Sector Bank SIDBI NABARD MUDRA Bulk Lender Other Financial Institute Total

17 5. Annexure Annexure 1: State wise Presence of MFIs Name of the States/UTs Andhra Pradesh Arunachal Pradesh (Telangana included) Assam Bihar Chandigarh Chhattisgarh Delhi Name of the MFIs working in the State Asmitha Microfin Ltd, NABARD Financial Services Ltd,,RASS, Share Microfin Limited, Spandana Sphoorty Financial Ltd Nightingale Finvest Pvt. Ltd, RGVN (North East) Microfinance Ltd, North East Region Finservices Ltd, Spandana Sphoorty Financial Ltd. Arohan Financial Services Pvt. Ltd, ASA International India Microfinance Pvt. Ltd., Asomi Finance Private Ltd, Grameen Development & Finance Pvt. Ltd, Nightingale Finvest Pvt. Ltd., RGVN (North East) Microfinance Ltd, North East Region Finservices Ltd, Share Microfin Ltd, Unacco Financial Services Pvt. Ltd. Annapurna Micro Finance Pvt. Ltd, Arohan Financial Services Pvt. Ltd, ASA International India Microfinance Pvt. Ltd., Asmitha Microfin Ltd, Bhartiya Samruddhi Finance Ltd, Cashpor, Inrtrepid Finance and Leasing Pvt. Ltd, Margdarshak Financial Services Ltd, Nav Bharat Jagriti Kendra, Network of Entrepreneurship & Economic Development (NEED), Saija Finance Pvt. Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, S V Creditline Pvt. Ltd., Unnati Trade & Fincon Pvt. Ltd, Vedika Credit Capital Ltd. Satin Creditcare Network Ltd. Bhartiya Samruddhi Finance Ltd, S V Creditline Pvt. Ltd, Cashpor, Annapurna Micro Finance Pvt. Ltd, Grameen Koota Financial Services Pvt. Ltd, NABARD Financial Services Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd. Bhartiya Samruddhi Finance Ltd, North East Region Finservices Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, Shikhar Microfinance Pvt. Ltd.

18 Goa Gujarat Haryana Himachal Pradesh Asmitha Microfin Ltd, Spandana Sphoorty Financial Ltd. Adhikar Microfinance Pvt. Ltd, Asmitha Microfin Ltd, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd. Margdarshak Financial Services Ltd, Midland Microfin Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, S V Creditline Pvt. Ltd, Shikhar Microfinance Pvt. Ltd. SKS Microfinance Jammu and Kashmir Satin Creditcare Network Ltd. Annapurna Micro Finance Pvt. Ltd, Arohan Financial Services Pvt. Ltd, Asmitha Microfin Ltd, Bhartiya Samruddhi Finance Ltd, Cashpor, Nav Bharat Jagriti Jharkhand Kendra, Saija Finance Pvt. Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd, Vedika Credit Capital Ltd. Bhartiya Samruddhi Finance Ltd, BSS Microfinance Pvt. Ltd, Grameen Koota Financial Services Pvt. Ltd, IDF Financial Services Pvt. Ltd, Inrtrepid Finance and Leasing Pvt. Ltd, NABARD Financial Services Ltd, Navachetana Karnataka Microfin Services Pvt. Ltd, Nirantara Finaccess Pvt. Ltd., RORS Finance Pvt. Ltd, North East Region Finservices Ltd, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd, Shri Kshethra Dharmasthala Rural Development Project. NABARD Financial Services Ltd, Shri Kshethra Kerala Dharmasthala Rural Development Project, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd. Annapurna Micro Finance Pvt. Ltd, Asmitha Microfin Ltd, Cashpor, Grameen Koota Financial Services Pvt. Ltd, Inrtrepid Finance and Leasing Pvt. Ltd, NABARD Financial Services Ltd, Satin Creditcare Network Ltd, Share Microfin Madhya Pradesh Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd, S V Creditline Pvt. Ltd., Bal-Mahila Vikas Samiti-VAMA, Bhartiya Samruddhi Finance Ltd, Arth Micro Finance Pvt. Ltd.

19 Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Pondicherry Punjab Rajasthan Sikkim Tamil Nadu Tripura Annapurna Micro Finance (P). Ltd, Asmitha Microfin Ltd, Bhartiya Samruddhi Finance Ltd, BSS Microfinance Pvt. Ltd, Grameen Koota Financial Services Pvt. Ltd, IDF Financial Services Pvt. Ltd, Inrtrepid Finance and Leasing Pvt. Ltd, NABARD Financial Services Ltd, Navachetana Microfin Services Pvt. Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd. North East Region Finservices Ltd, UNACCO Financial Services Pvt. Ltd., VVD Bhartiya Samruddhi Finance Ltd, Grameen Development & Finance Pvt. Ltd, Nightingale Finvest Pvt. Ltd., RGVN (North East) Microfinance Ltd, North East Region Finservices Ltd. Nightingale Finvest Pvt. Ltd., North East Region Finservices Ltd, UNACCO Financial Services Pvt. Ltd. Grameen Development & Finance Pvt. Ltd, RGVN (North East) Microfinance Ltd, North East Region Finservices Ltd. Adhikar Microfinance Pvt. Ltd, Annapurna Micro Finance Pvt. Ltd, Arohan Financial Services Pvt. Ltd, SKS Microfinance, Asmitha Microfin Ltd, Bhartiya Samruddhi Finance Ltd, Spandana Sphoorty Financial Ltd. Sarvodaya Nano Finance Ltd. Midland Microfin Ltd, North East Region Finservices Ltd, Satin Creditcare Network Ltd, SKS Microfinance Arth Micro Finance Pvt. Ltd., Asmitha Microfin Ltd, Bhartiya Samruddhi Finance Ltd, Midland Microfin Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, S V Creditline Pvt. Ltd. Bhartiya Samruddhi Finance Limited, RGVN (North East) Microfinance Ltd. Asmitha Microfin Ltd, Grameen Koota Financial Services Pvt. Ltd, NABARD Financial Services Ltd, RASS, REPCO Micro Finance Ltd, Share Microfin Ltd, Virutcham Microfinance Ltd, RORS Finance Pvt. Ltd, Sarvodaya Nano Finance Ltd, Spandana Sphoorty Financial Ltd. ASA International India Microfinance Pvt. Ltd., Bhartiya Samruddhi Finance Ltd, North East Region Finservices Ltd, UNACCO Financial Services Pvt. Ltd.

20 Uttar Pradesh Uttarakhand West Bengal ASA International India Microfinance Pvt. Ltd., Asmitha Microfin Ltd, Bhartiya Samruddhi Finance Ltd, Cashpor, Inrtrepid Finance and Leasing Pvt. Ltd, Margdarshak Financial Services Ltd, Network of Entrepreneurship & Economic Development (NEED), Saija Finance Pvt. Ltd, Satin Creditcare Network Ltd, Share Microfin Ltd, SKS Microfinance, Spandana Sphoorty Financial Ltd, S V Creditline Pvt. Ltd, Shikhar Microfinance Pvt. Ltd. Bhartiya Samruddhi Finance Ltd, North East Region Finservices Ltd, Satin Creditcare Network Ltd, SKS Microfinance, Share Microfin Ltd, S V Creditline Pvt. Ltd, Shikhar Microfinance Pvt. Ltd. Arohan Financial Services Pvt. Ltd, ASA International India Microfinance Pvt. Ltd., Asmitha Microfin Ltd, Share Microfin Ltd, SKS Microfinance, Unacco Financial Services Pvt. Ltd., Unnati Trade & Fincon Pvt. Ltd, Vedika Credit Capital Ltd, Bhartiya Samruddhi Finance Ltd. Annexure 2: Profile of MFIs Contributed Data for this Report (A) List of MFIs with Loan Portfolio between ` 1 and < 10 crore S. No. Name of the MFIs State Legal Form 1 Nirantara FinAccess Pvt. Ltd. Karnataka NBFC 2 RORS Finance Pvt. Ltd. Karnataka NBFC 3 Virutcham Microfinance Ltd. Tamil Nadu NBFC 4 Bal-Mahila Vikas Samiti-VAMA Madhya Pradesh Society 5 Dakshin Budhakhali Improvement Society (DBIS) West Bengal Society 6 Nav Bharat Jagriti Kendra Jharkhand Society 7 Network of Entrepreneurship & Economic Development (NEED) Uttar Pradesh Society 8 Volunteers for Village Development, (VVD) Manipur Society (B) List of MFIs with Loan Portfolio between ` 10 and < 50 crore S. No. Name of the MFIs State Legal Form 1 Arth Microfinance Pvt. Ltd. Rajasthan NBFC

21 2 ASA International India Microfinance Pvt. Ltd. West Bengal NBFC 3 IDF Financial Services Pvt. Ltd. Karnataka NBFC 4 Margdarshak Financial Services Ltd. Uttar Pradesh NBFC 5 Navachetana Microfin Services Pvt. Ltd. Karnataka NBFC 6 Rashtriya Seva Samith (RASS) Andhra Pradesh Society 7 Shikhar Microfinance Pvt. Ltd Delhi NBFC (C) List of MFIs with Loan Portfolio between ` 50 and < 100 crore S. No. Name of the MFIs State Legal Form 1 Adhikar Microfinance Pvt. Ltd. Odisha NBFC 2 Asomi Finance Pvt. Ltd. Assam NBFC 3 Grameen Development & Finance Pvt. Ltd. Assam NBFC 4 Hindusthan Microfinance Pvt. Ltd. Maharashtra NBFC 5 Nightingale Finvest Pvt. Ltd. Assam NBFC 6 Sarvodaya Nano Finance Ltd. Tamil Nadu NBFC 7 UNACCO Financial Services Pvt. Ltd. Assam NBFC 8 Unnati Trade & Fincon Pvt. Ltd. West Bengal NBFC 9 Society for Model Gram Bikash Kendra West Bengal Society 10 Midland Microfin Ltd. Punjab NBFC 11 Mahasemam Trust Tamil Nadu Trust (D) List of MFIs with Loan Portfolio between ` 100 and < 500 crore S. No. Name of the MFIs State Legal Form 1 Arohan Financial Services Pvt. Ltd. West Bengal NBFC 2 BSS Microfinance Pvt. Ltd. Karnataka NBFC 3 Disha Microfin Pvt. Ltd. Gujarat NBFC 4 Inrtrepid Finance and Leasing Pvt. Ltd. Maharashtra NBFC 5 REPCO Micro Finance Ltd. Tamil Nadu NBFC 6 RGVN (North East) Microfinance Ltd. Assam NBFC 7 S V Creditline (P) Ltd. Haryana NBFC 8 Saija Finance Pvt. Ltd. Bihar NBFC 9 SMILE Microfinance Ltd. Tamil Nadu NBFC 10 Vedika Credit Capital Ltd. Jharkhand NBFC 11 Cashpor Micro Credit Uttar Sec. 25 Co.

22 12 North East Region Finservices Ltd. (Provisional) Pradesh Delhi NBFC 13 Shri Kshethra Dharmasthala Rural Development Project Karnataka Trust (E) List of MFIs with Loan Portfolio above ` 500 crore S. No. Name of the MFIs State Legal Form 1 Annapurna Micro Finance Pvt. Ltd. Odisha NBFC 2 Asmitha Microfin Ltd. Telangana NBFC 3 Future Financial Services Ltd. Andhra Pradesh NBFC 4 Grama Vidiyal Micro Finance Ltd. Tamil Nadu NBFC 5 Grameen Koota Financial Services Pvt. Ltd. Karnataka NBFC 6 Janalakshmi Financial Services Ltd. Karnataka NBFC 7 NABARD Financial Services Ltd. Karnataka NBFC 8 Satin Creditcare Network Ltd. Delhi NBFC 9 Share Microfin Ltd. Telangana NBFC 10 SKS Microfinance Telangana NBFC 11 Spandana Sphoorty Financial Ltd. Telangana NBFC Note: Net Portfolio + (Managed Portfolio BC portfolio) is used as MFI size.

REFLECTION OF INDIAN WOMEN IN ENTREPRENURIAL WORLD: A CASE STUDY OF CHANDIGARH

REFLECTION OF INDIAN WOMEN IN ENTREPRENURIAL WORLD: A CASE STUDY OF CHANDIGARH Mahima Suden 1, Garima Singh 2 1,2 Assistant Professor, Department of Commerce, DAV College Sector, Chandigarh (India) ABSTRACT