Private banks and non-banking financial companies-microfinance institutions (NBFC-MFIs) have expanded their respective cumulative microfinance portfolios in January compared with December, as the sector lending to the bottom of the pyramid appears to have begun a phase of consolidation after an eight-quarter stress. Equifax monthly data reviewed by ET shows that NBFC-MFIs' portfolio rose to '1.34 lakh crore at the end of January, from '1.32 lakh crore a month ago, while the portfolio of private banks increased to '84,735 crore from '82,347 crore.