As of January 2022, the Reserve Bank of India (RBI) had registered 97 non-banking financial companies (NBFC) to run microfinance institutions (MFI). Chennai, New Delhi, and Mumbai had been the cities with the most NBFC-MFIs.
MFIs enable individuals or small businesses from poor strata of society to lend money. Besides this economic outlook, they also support societal upliftment and autonomy.
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