SKS Microfinance, a for-profit microfinance institution (MFI) headquartered in Hyderabad, India, recently announced it will change its name to Bharat Financial Inclusion [1].
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MICROCAPITAL BRIEF: Indian Microlenders Seek More Time to Repay Funds On-Lent in Andhra Pradesh, Where Microlender Sees “No Improvement At All”
Wholesale loans covering INR 55 billion (USD 944 million) in Indian microloans reportedly are at risk of becoming classified as “non-performing assets” (NPAs) if microfinance institutions (MFIs) do not begin making payments on the loans before the expiration of a 90-day repayment window that begins on June 30, 2013.
MICROCAPITAL BRIEF: Stree Nidhi to Loan $308m to Self-help Groups in Indian State of Andhra Pradesh in 2013
Stree Nidhi Credit Cooperation Federation Limited, a microfinance bank established by the government of the Indian state of Andhra Pradesh, recently agreed to loan INR 16.9 billion (USD 308 million) to self-help groups (SHGs) in Andhra Pradesh during the fiscal year ending March 2014.
MICROCAPITAL BRIEF: Indian State of Andhra Pradesh, Bharat Sanchar Nigam Limited (BSNL) to Implement Mobile Money Service via Post Offices
According to a statement attributed to Killi Kruparani, India’s minister of state for communications and information technology, a mobile money order service will be available at post offices in the Indian state of Andhra Pradesh beginning in October 2013.
MICROCAPITAL BRIEF: Government of India’s Andhra Pradesh Moves to Challenge Supreme Court Interim Order as SKS Microfinance Resumes Operations in the State
As Indian microfinance institution (MFI) SKS Microfinance prepares to resume operations in the Indian state of Andhra Pradesh under a recent Supreme Court order, the Andhra Pradesh state government is moving to challenge the Supreme Court’s decision.
MICROCAPITAL BRIEF: Supreme Court of India Issues Interim Order Loosening Restrictions on SKS Microfinance in Andhra Pradesh
The Indian Supreme Court has issued an interim order allowing Indian microfinance institution (MFI) SKS Microfinance to operate in the state of Andhra Pradesh without securing no-objection certificates from the state government.
MICROCAPITAL BRIEF: SKS Microfinance May Challenge Andhra Pradesh Ruling in Supreme Court
In response to the February 2013 ruling from the High Court of the Indian state of Andhra Pradesh that upheld the Andhra Pradesh Microfinance Institution Act, 2010, SKS Microfinance, an Indian for-profit microfinance institution, and other unspecified microlenders reportedly may challenge the decision in the Country’s Supreme Court.
MICROCAPITAL BRIEF: High Court of Indian State of Andhra Pradesh Upholds Microfinance State Law, Rejecting Microlenders’ Petitions
The High Court of the Indian state of Andhra Pradesh reportedly ruled to uphold the Andhra Pradesh Microfinance Institutions (Regulation of Money Lending) Act, 2010, despite petitions brought by Indian microlender SKS Microfinance and other microfinance institutions (MFIs) seeking to have the law repealed.
MICROCAPITAL BRIEF: Andhra Pradesh Grameena Vikas Bank Opens 125 Ultra-small Branches in India’s Andhra Pradesh
Andhra Pradesh Grameena Vikas Bank (APGVB), a government-owned financial institution in India, reportedly has opened 125 ultra-small branches (USBs) in Andhra Pradesh.
MICROCAPITAL BRIEF: Microfinance institutions (MFIs) in India’s Andhra Pradesh Face Difficulties Even After Loan Restructuring, “Survival of MFIs” Said to Hang on Court Decision Regarding State Law
Microfinance institutions (MFIs) in the Indian state of Andhra Pradesh reportedly are continuing to have difficulty repaying wholesale bank loans even after the restructuring of some of those loans after the downturn in microfinance that began in the region in 2010.
MICROCAPITAL BRIEF: SKS Microfinance of India Posts Portfolio Growth of 21% Outside Andhra Pradesh; Royal Bank of Scotland, Morgan Stanley Asia Purchase Stakes as Deutsche Securities Mauritius Cashes Out
Since India’s SKS Microfinance experienced average losses per quarter of INR 2 billion (USD 37.8 million) during the year ending March 2012, the Indian microlender has been able to borrow approximately INR 10 billion (USD 189 million) from banks.
MICROFINANCE PUBLICATION ROUND-UP: Microfinance and Witch Hunts in India; Poverty Scorecard for Myanmar; Andhra Pradesh Clients Post-Microfinance Crisis
“Strategic Framing Work(s): How Microcredit Loans Facilitate Anti-Witch-Hunt Movements,” by Soma Chaudhuri and Anuradha Chakravarty; published by Mobilization; June 2012; 19 pages; available at: https://vaw.msu.edu/wp-content/uploads/2013/10/chaudhuri_2012_micro-credit.pdf
MICROCAPITAL BRIEF: Unable to Repay His MFI’s Debt, Sewa MACTS Federation CEO Commits Suicide in Andhra Pradesh, India
Two microfinance professionals in the Indian state of Andhra Pradesh reportedly have committed suicide after their microfinance institutions (MFIs) became insolvent.
MICROCAPITAL BRIEF: SKS Microfinance to Cut 1,200 Jobs, Close 78 Branches in Andhra Pradesh, India
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly will terminate 1,200 of 3,400 jobs and shutdown 78 branches in the state of Andhra Pradesh.
MICROCAPITAL BRIEF: Microfinance Growth Slows in Andhra Pradesh, Quickens in Other Indian States
According to a statement attributed to chief executive officer Mr Alok Prasad of Microfinance Institutions Network (MFIN), a trade association of 46 Indian microfinance lenders, the microfinance sector in the Indian state of Andhra Pradesh is expected to experience reduced growth for the financial year ending on March 31.
MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) Asks Reserve Bank of India (RBI) to Assist in Recovering Loans Outstanding in Andhra Pradesh
Microfinance Institutions Network (MFIN), a trade association of 46 Indian microfinance lenders, reportedly has requested that the Reserve Bank of India (RBI) intervene on behalf of microlenders attempting to collect INR 7,000 crore (USD 1.36 billion) in loans outstanding in the Indian state of Andhra Pradesh.
MICROCAPITAL BRIEF: India’s SKS Microfinance Responds To Associated Press Article on Suicides in Andhra Pradesh, Calls Allegations “Baseless”
In reference to the report ‘Lender’s own probe links it to suicides,’ by US-based news service Associated Press (AP), Indian microlender SKS Microfinance, has issued a statement expressing that the allegations that its lending practices may have contributed to customer suicides are “baseless” and simply re-state earlier allegations from 1.5 years prior.
MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) Requires SKS Microfinance to Lend Only Outside Andhra Pradesh
Small Industries Development Bank of India (SIDBI), a governmental loan wholesaler to microfinance institutions (MFIs) in India, has reportedly required that SKS Microfinance Limited (SKS), an Indian MFI, use proceeds of a recent SIDBI loan for on-lending outside of the state of Andhra Pradesh [1].