97% of the borrowers from MFIs were women: Economic Survey

Chief Economic Advisor KV Subramanian. (PTI Photo)

The Economic Survey 2019-20 revealed that as of 2016, 97% of the borrowers from Microfinance Institutions (MFIs) were women.

The survey also highlighted that SC/ST and minorities accounted for around 30% and 29% of the borrowers.

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"This shows that the loans given by these MFIs primarily cater to the marginal sections of the society," said the survey.

The United Nation’s declaration of Microfinance year in 2005 highlighted the role of MFIs in poverty alleviation. Some MFIs have transformed themselves into banks as well, the survey added.