Widely read:
India's fourth-largest NBFC-Micro Finance Institution (MFI) with a loan book of Rs 4,437 crore (as of FY19), Spandana Sphoorty provides income-generating loans to women from the low-income group under the joint liability group model, with 94.6 per cent of its portfolio located in rural areas. According to the joint liability group model, 4-10 individuals come together to avail loans on an individual basis or through the group mechanism against the mutual guarantee. The company went into Corporate Debt Restructuring mechanism in 2010 owing to the enactment of AP Microfinance Ordinance, which enforced several restrictions on the operations of MFIs, thereby impacting the debt servicing capability of the company.
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