Track how many active mutual funds hold microfinance stocks in India. Monthly data shows where institutional conviction across CreditAccess Grameen, Spandana Sphoorty, Muthoot Microfin, Satin Creditcare, Ujjivan, Equitas and Suryoday is rising or falling.
📅 Updated Jun 2026 · Index funds and ETFs excluded
| # | Stock Name | Mar | Apr % | May % | Jun % | Jun 2026 Funds | Overall % | AUM (₹ Cr) |
|---|---|---|---|---|---|---|---|---|
| 1 | Ujjivan Small Finance Bank LimitedBanks | 81 | -1.2% | +7.5% | +1.2% | 87 | +7.4% | 3,203 |
| 2 | CreditAccess Grameen LimitedFinance | 48 | +2.1% | +2% | 0% | 50 | +4.2% | 2,247 |
| 3 | Equitas Small Finance Bank LimitedBanks | 41 | -2.4% | +10% | -4.5% | 42 | +2.4% | 3,609 |
| 4 | Spandana Sphoorty Financial LimitedFinance | 2 | -50% | +100% | 0% | 2 | 0% | 9 |
| 5 | Suryoday Small Finance Bank LimitedBanks | 2 | 0% | 0% | 0% | 2 | 0% | 30 |
| 6 | Satin Creditcare Network LimitedFinance | 1 | 0% | 0% | 0% | 1 | 0% | 49 |
| 7 | Muthoot Microfin LimitedFinance | 1 | 0% | -100% | — | — | -100% | — |
Microfinance stocks include companies that provide small collateral-free loans to low-income borrowers, primarily women in rural and semi-urban India. CreditAccess Grameen is the largest listed pure-play MFI by assets under management. Spandana Sphoorty and Muthoot Microfin are fast-growing MFIs with strong south India and pan-India presence respectively. Satin Creditcare serves north and east India. Ujjivan Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are microfinance-origin banks that have transitioned to banking licenses — they retain strong MFI DNA in their loan books while diversifying into other retail lending products.
Rising fund counts over four months signal growing institutional conviction. Cross-reference individual fund portfolios on our top stocks page or explore full holdings via the funds directory.
Microfinance as a theme cuts across SEBI sector classifications — pure MFIs sit under Finance while MFI-origin banks sit under Banks. The common thread is exposure to India bottom-of-pyramid credit market — a segment with hundreds of millions of potential borrowers who remain outside the formal banking system. Fund managers who take a view on rural financial inclusion track all these companies together as a thematic cluster.
India microfinance sector serves over 70 million borrowers and has been growing steadily as formal credit penetrates deeper into rural India. The sector went through significant stress in 2023-24 as over-leveraging among borrowers in certain geographies led to asset quality deterioration. Lenders have since tightened underwriting norms, capped borrower indebtedness, and improved collections infrastructure. Fund managers who are buying microfinance stocks now are taking a view that the worst of the credit cycle is behind these companies and valuations reflect more stress than will actually materialise.
For context on SEBI disclosure requirements, refer to AMFI India. For regulatory guidelines, visit SEBI India. Explore broader holding trends using our market cap categories page.
The regulatory environment for microfinance has been improving. RBI introduced a harmonised framework for MFI lending in 2022 that removed the earlier rigid income cap definitions and gave lenders more flexibility in product design. The framework also capped total MFI loan obligations as a percentage of household income, addressing the over-leveraging problem. These reforms, combined with improving rural income trends, are giving fund managers more confidence in the sector outlook.
The AUM column shows the total market value of holdings in that stock across all active equity mutual funds in the latest month, expressed in crores of rupees. A high AUM alongside a rising fund count signals strong and growing conviction, while a falling fund count with still-high AUM may indicate remaining funds are holding larger positions even as others exit. This data is updated automatically each month as new portfolio disclosures are uploaded.
To explore individual fund portfolios and see which specific funds hold each microfinance stock, visit the funds directory or click any stock name in the table above. Use the SIP calculator to plan investments in funds with high financial inclusion sector exposure. For a broader market view, see our AAUM data page.
Clicking any stock name in the table opens its full page showing fund holding history, weight trends and which specific funds hold it. Microfinance stocks are high-beta plays — they tend to move sharply in both directions with credit cycle news. Tracking fund conviction monthly helps investors see whether institutional money is moving in or out ahead of earnings announcements. For SEBI guidelines on mutual fund disclosures visit SEBI India.