Mahindra Finance, on Thursday said that its total disbursement for February 2023 has grown by 53 percent on YoY basis at Rs 4,185 crores. The NBFC’s loan book also saw a surge of 1.5 percent on MoM basis, it added.
The financial services company, however, saw a minor decline in its collection efficiency (CE), which came in at 97 percent for February as compared to 98 percent in the same month last year.
The company maintained its Gross Stage 3 (GS-3) at similar levels compared to January 2023, while the Gross Stage 2 (GS-2) saw a further improvement sequentially.
Mahindra Finance, in its regulatory filing, also revealed, "Based on the Income Recognition, Asset Classification and Provisioning norms, the gap between Gross Non-Performing Assets and IND-AS remained range-bound at approximately Rs 1,250 crore, an improvement over January 2023."
Mahindra Finance claims that it continues to hold adequate liquidity buffer, which can cover approximately 3 months’ of funds requirement.
In January, Mahindra Finance said that the Reserve Bank of India has lifted restrictions on recovery via outsourcing.
Last year in October, the NBFC joined hands with India Post Payments to accelerate credit access to customers.
First Published: Mar 2, 2023 9:50 PM IST
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