Business finance provider Finance company Bharat Financial Inclusion Limited has revealed that the loan money which has to be recovered from its borrower seems as bad loan in the last quarter of the year. Company has acknowledged that 4.5% of its gross loan portfolio is under risk and would convert into bad loans in the fourth quarter.
As per one of the company’s management personal, Rs 383 crores is overdue in portfolio for more than 8 weeks which higher than 0.2% comparing to previous quarter.
Earlier it was projected that the dues will be repaid in the last of month of March but now it would take 3-4 months more. Company also informed that more than 60% of the overdue portfolio pertained to Uttar Pradesh and Maharashtra. Since Demonetization take place, over 1300 center remain at zero for the repayments prospective.
The collection efficiency stands at 95.5% till date and for managed portfolio it was marked low as 88.6% according to a company’s official.