Janalakshmi Financial Services (JFS), an Indian microfinance institution (MFI) focusing on urban areas, and Manipal Global Education Services, a subsidiary of India-based Manipal Education and Medical Group, reportedly have launched the Janalakshmi-Manipal Institute of Financial Inclusion (JMIFI), which offers a three-week training program for newly hired JFS employees. The training program covers statutory requirements; the loan, savings and insurance products offered by JFS; and general JFS policies and procedures. Approximately 1,000 of JFS’s 2,500 employees are slated to participate in the program during 2013.
As of year-end 2011, JFS reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 82.3 million, a gross loan portfolio of USD 68.9 million owed by 301,000 active borrowers, 42,900 depositors with USD 1.36 million in total deposits, return on assets (ROA) of 0.46 percent and return on equity (ROE) of 1.62 percent.
By Brian LeBlanc, Research Associate
About Janalakshmi Financial Services (JFS)
Janalakshmi Financial Services (JFS) is a microfinance institution (MFI) located in India. It is focused primarily on offering loans, savings and microinsurance in urban areas. As of year-end 2011, JFS reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 82.3 million, a gross loan portfolio of USD 68.9 million, 301,000 active borrowers, 42,900 depositors with USD 1.36 million in total deposits, return on assets (ROA) of .46 percent and return on equity (ROE) of 1.62 percent.
About Manipal Education and Medical Group (MEMG)
Manipal Education and Medical Group (MEMG) International Private Limited is an Indian company that was founded in 1953 and is based in Bangalore. MEMG operates and manages academic, research and healthcare facilities and is actively involved in running six educational institutions and eleven hospitals in India, Nepal, Malaysia, United Arab Emirates and the Caribbean island of Antigua. On the research side, MEMG specializes in genomics, genetics and stem cells. Financial information on the organization is not available.
Sources and Additional Information:
Live Mint article, http://www.livemint.com/Industry/ph3Smiy0K0j7QNbY0nrqWK/Janalakshmi-Manipal-Institute-to-train-employees.html
MicroCaptial article, July 26, 2012, “MICROCAPITAL BRIEF: Indian Janalakshmi Financial Services Offers JanaOne ‘One-Stop’ Shopping to Long-Term Customers,” https://www.microcapital.org/microcapital-brief-indian-janalakshmi-financial-services-offers-janaone-one-stop-shopping-to-long-term-customers/
MicroCapital article, June 25, 2011, “MICROCAPITAL BRIEF: Indian Microfinance Institution (MFI) Janalakshmi Raises $14m in Equity Led by Citi Venture Capital International (CVCI),” https://www.microcapital.org/microcapital-brief-indian-janalakshmi-financial-services-offers-janaone-one-stop-shopping-to-long-term-customers/
MicroCapital article, September 15, 2010, “MICROCAPITAL BRIEF: India’s Axis Bank and Microfinance Institution Janalakshmi Agree to Expand Access to Financial Services for Country’s Urban Poor,” https://www.microcapital.org/microcapital-brief-indias-axis-bank-and-microfinance-institution-janalakshmi-agree-to-expand-access-to-financial-services-for-country%E2%80%99s-urban-poor/
MicroCapital Universe Profile: Janalaskhmi Financial Services (JFS) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Janalakshmi+Financial+Services+%28JFS%29#Description_
MicroCapital Universe Profile: Manipal Education and Medical Group (MEMG) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Manipal+Education+and+Medical+Group+%28MEMG%29+International+Private+Limited
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