As on December 31, 2018, combined microcredit portfolio of all lenders was Rs 1,57,497 crore, of which NBFC-MFIs are leading with Rs 60,117 crore and 38.17% market share, followed by banks with Rs 52,556 crore and 33.37% market share.

The meeting, attended by heads of Punjab National Bank, Bank of Baroda, Bank of India, Bank of India, ICICI Bank, Kotak Mahindra Bank and IDFC First Bank, focused only on effective transmission of monetary policy.

A spokesman of the Interior Ministry said that the decision to ban these groups was taken during a meeting of the National Security Committee chaired by Prime Minister Imran Khan.