Whalesbook
Scheme ka naam hai CGSMFI-2.0 aur yeh March 20, 2026 se effective hai. Iska goal hai banks aur lenders ko MFIs ko credit dene ke liye guarantee dena. Total guarantee ₹20,000 Crore ki hai aur yeh June 30, 2026 tak ya fund khatam hone tak chalegi.
Banks MFIs ko External Benchmark Lending Rate (EBLR) ya Marginal Cost of Funds based Lending Rate (MCLR) plus 2% se zyada rate par loan nahi de payenge. MFIs ko bhi kam se kam 1% ka benefit apne borrowers tak pahunchana hoga. Lending limits MFIs ke size ke hisab se divide ki gayi hain, chote MFIs ke liye 20% assets (₹100 crore tak) se lekar bade institutions ke liye ₹300 Crore tak.
Yeh sab isliye ho raha hai kyunki RBI ki December 2025 ki report ne bataya ki sector mein credit 8.5% kam ho gaya tha FY26 ke pehle half mein. NBFC-MFIs ke liye credit cost badh kar September 2025 tak 15.5% ho gaya tha. CRIF High Mark ke data ke mutabik, gross microfinance portfolio 18% gir kar December 2025 tak ₹3.21 lakh crore ho gaya tha.
Lekin analysts abhi bhi thode chintit hain. India Ratings aur ICRA ne MFI sector ka outlook 'deteriorating' aur 'negative' kar diya hai FY2026 ke liye. CareEdge Ratings ne toh bas 4% growth forecast kiya hai FY2026 ke liye. Scheme mein chote MFIs ko 80%, medium ko 75%, aur bade MFIs ko 70% guarantee milegi.
Problem yeh hai ki banks abhi bhi financially kamzor MFIs ko loan dene mein hesitate kar rahe hain. Unko pichhle losses yaad hain aur woh itni aasani se kamzor credit rating wale MFIs ko paise nahi denge, guarantee ke bawajood. Indian Overseas Bank ke MD ne kaha ki credit rating bahut matter karegi. Muthoot Microfinance jaisi companies ka P/E ratio negative (-9.31x) hai, jisse banks aur bhi reluctant honge.
Upar se, borrowers par zyada debt hone ka risk bhi hai. Nifty Microcap 250 index ka P/E 23.5 hai, jo dikhata hai ki MFI sector ke specific risks alag hain.
Short term mein toh scheme se lending badh sakti hai, khaas kar chote aur medium MFIs ke liye. Lekin badi MFIs ke profit margins kam ho sakte hain kyunki unhe lending yields kam karni padengi. Scheme limited time ke liye hai, toh MFIs ko jaldi adapt karna hoga. Long term mein sector ka future reforms, risk management aur evolving needs par depend karega.