Top 50 Microfinance Institutions in India

In late 2009 , CRISIL which is India’s leading ratings, research and risk advisory company released it’s list of top 50 microfinance institutions in India. The report titled India’s Top 50 Microfinance Institutions presents an overview of leading players in India’s microfinance institution (MFI) space.

This is the first inagural issue and includes additional commentary analysing the key strengths and challenges of different microfinance players in the sector. The publication is part of CRISIL’s enabling role in the structured evolution of the MFI sector in India.

CRISIL launched MFI grading as early as in 2002 and has since then become the world’s first mainstream rating agency to develop a separate methodology and scale to assess MFIs. Currently CRISIL has assessed more than 140 MFIs, and is currently the most preferred rating agency in the Indian microfinance space.

In light of SKS Microfinance’s proposed IPO in the coming days the CRISIL report is presented below for the benefit of the readers of this blog. Market sources reveal that some of these microfinance institutions which figure in the top 50 are in talks with merchant bankers and investors to tap the primary markets and want to gauge the response to SKS Microfinance’s IPO before they fast track their own listing plans.

Download CRISIL – Top 50 Microfinance Institutions in India

CRISIL Ratings India’s top 50 MFI’s – 68 Pages – 1.8 MB

The above report includes detailed profiles and ratings of India’s top Microfinance Institutions.


CRISIL List of  Top 50 Microfinance Institutions in India by Loan Amount Outstanding for 2009

1. SKS Microfinance Ltd (SKSMPL)
2  Spandana Sphoorty Financial Ltd (SSFL)
3  Share Microfin Limited (SML)
4  Asmitha Microfin Ltd (AML)
5  Shri Kshetra Dharmasthala Rural Development Project(SKDRDP)
6  Bhartiya Samruddhi Finance Limited (BSFL)
7  Bandhan Society
8  Cashpor Micro Credit (CMC)
9  Grama Vidiyal Micro Finance Pvt Ltd (GVMFL)
10  Grameen FinancialServices Pvt Ltd (GFSPL)
11  Madura Micro Finance Ltd (MMFL)
12  BSS Microfinance Bangalore Pvt Ltd (BMPL)
13  Equitas Micro Finance India P Ltd (Equitas)
14  Bandhan Financial Services Pvt Ltd (BFSPL)
15  Sarvodaya Nano Finance Ltd (SNFL)
16  BWDA Finance Limited (BFL)
17  Ujjivan FinancialServices Pvt Ltd (UFSPL)
18  Future Financial Services ChittoorLtd (FFSL)
19  ESAF Microfinance & Investments Pvt. Ltd (EMFIL)
20  S.M.I.L.E Microfinance Limited
21  SWAWS Credit Corporation India Pvt Ltd (SCCI)
22  Sanghamithra Rural Financial Services (SRFS)
23  Saadhana Microfin
24  Gram Utthan Kendrapara,
25  Rashtriya Seva Samithi (RASS)
26  Sahara Utsarga Welfare Society (SUWS)
27  Sonata Finance Pvt Ltd (Sonata)
28  Rashtriya Gramin Vikas Nidhi
29  Arohan Financial Services Ltd (AFSL)
30  Janalakshmi Financial Services Pvt Ltd (JFSPL)
31  Annapurna Financial Services Pvt Ltd
32  Hand in Hand  (HiH)
33  Payakaraopeta Women’s Mutually Aided Co-operative Thrift and Credit Society (PWMACTS)
34  Aadarsha Welfare Society(AWS)
35  Adhikar
36  Village Financial Services Pvt Ltd (VFSPL)
37  Sahara Uttarayan
38  RORES Micro Entrepreneur Development Trust(RMEDT)
39  Centre for Rural Social Action (CReSA)
40  Indur Intideepam Federation Ltd (IIMF)
41  Welfare Organisation for Multipurpose Mass Awareness Network (WOMAN)
42  Pragathi Mutually Aided Cooperative Credit and Marketing Federation Ltd(PMACS)
43  Indian Association for Savings and Credit(IASC)
44  Sewa Mutually Aided Cooperative Thrift Societies Federation Ltd (Sewa)
45  Initiatives for Development Bangalore, Foundation (IDF)
46  Gandhi Smaraka Grama Seva Kendram (GSGSK)
47  Swayamshree Micro Credit Services (SMCS)
49  Janodaya Trust
50  Community Development Centre (CDC)
Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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  2. bhoopesh singh

    September 26, 2011 at 8:47 am

    this site is providing information about finance which is useful for everyone.so this site is a exellent site.


    November 6, 2011 at 9:19 pm


    This is a good site, it is useful for microfinance related research scholars, kindly generate this type of information more and more. it is useful for academics, policymakers.

  4. V.thiyagu

    November 14, 2011 at 2:01 pm

    we need in women group and JLG culb martgage loan

  5. jibangshu Mondal

    January 17, 2012 at 9:17 pm

    we need microfinance company for finfnce

  6. Usha Ganguli

    April 24, 2016 at 10:07 pm

    We appreciate if the information about NBFC-Mfis with mfR 2 or equivalent and mfR 1 grading or equivalent at one site.

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