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Increased Dependency Of NBFC/HFC For Their<br />
Funding In Last 2-3 Years<br />
50%<br />
45%<br />
MFs (% of total funding)<br />
46.30%<br />
44.20%<br />
40%<br />
35%<br />
34.60%<br />
30%<br />
25%<br />
22.70%<br />
23.80%<br />
25.30%<br />
20%<br />
15%<br />
10%<br />
11%<br />
13.20%<br />
15.50%<br />
5%<br />
0%<br />
FY14 FY15 FY16 FY17 FY18 Aug-18 Inc. from<br />
FY16<br />
Inc. from<br />
FY17<br />
Inc. from<br />
FY18<br />
19<br />
Source: ACE MF, ACE Equity, Nomura Research