International Journal of Mathematical, Engineering and Management Sciences

ISSN: 2455-7749

Financial Performance Analysis of NBFC-MFIs in India using TOPSIS and IV-TOPSIS

Financial Performance Analysis of NBFC-MFIs in India using TOPSIS and IV-TOPSIS

Priyanka Roy
Department of Management Studies, National Institute of Technology Silchar, Assam, India.

Binoti Patro
Department of Management Studies, National Institute of Technology Silchar, Assam, India.

DOI https://doi.org/10.33889/IJMEMS.2021.6.5.086

Received on May 29, 2021
Accepted on September 22, 2021


The policymakers around the globe have been emphasizing on financial inclusion in line with sustainable development goals 2030 of the United Nations. Developing countries are still behind in ensuring greater financial inclusion especially for women. While banks are the apex financial institutions in any country, microfinance institutions proved to be promising in advancing financial inclusion because of its better reach to women in remote areas. Thus in a country like India, the outreach and sustainability of microfinance institutions is of utmost importance. This paper aims to rank the performance of microfinance institutions listed by Reserve Bank of India on the basis of their outreach, sustainability, quality and efficiency. The ranking is done separately for five years (2014-15 to 2018-19) using Technique for Order of Preference (TOPSIS) method while overall ranking and benchmarking for five years has been done using interval valued TOPSIS (IV-TOPSIS) method. The robustness of the study has been checked through sensitivity analysis. The overall results portray Satin Creditcare Network Limited as the best performing NBFC-MFI while BWDA Finance Limited as the worst performer for the combined period of 5 years

Keywords- Benchmarking, Financial performance, Microfinance, TOPSIS, Sensitivity analysis.


Roy, P., & Patro, B. (2021). Financial Performance Analysis of NBFC-MFIs in India using TOPSIS and IV-TOPSIS. International Journal of Mathematical, Engineering and Management Sciences, 6(5), 1423-1438. https://doi.org/10.33889/IJMEMS.2021.6.5.086.

Conflict of Interest

The authors confirm that there is no conflict of interest to declare for this publication.


This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors. The authors would like to thank the editor and anonymous reviewers for their comments that help improve the quality of this work


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