Three Indian microfinance institutions (MFIs), Spandana Sphoorty Financial, Share Microfin and Asmitha Microfin, have reportedly cancelled a potential merger on which MicroCapital had reported in August.
Search Results for: pradesh
MICROCAPITAL BRIEF: Indian Microfinance Institution Trident Microfin Defaults on Loan from Kotak Mahindra Bank
Trident Microfin, a microfinance institution (MFI) based in the Indian state of Andhra Pradesh, reportedly has received a legal notice from Kotak Bank, an Indian commercial bank, for defaulting on a loan it received from Kotak.
MICROCAPITAL BRIEF: Banks Approve $245m Loan Restructuring for Indian Microfinance Institution Share Microfin
Share Microfin, an Indian microfinance institution (MFI), has reportedly reached agreements with a number of banks, including ICICI Bank Limited, to restructure debt owed by Share worth about INR 12 billion (USD 245 million).
MICROCAPITAL BRIEF: Indian Microfinance Institution Utkarsh Raises $5m in Equity from Norwegian Microfinance Initiative, Aavishkaar Goodwell, International Finance Corporation
Utkarsh Micro Finance Private Limited (Utkarsh), an Indian microfinance institution (MFI), has raised equity commitments of INR 15.8 crores (USD 3.2 million) from Norwegian Microfinance Initiative (NMI) Frontier Fund, a public-private partnership (PPP) that provides technical and financial support to “emerging” microfinance institutions; INR 6 crores (USD 1.2 million) from Aavishkaar Goodwell India Microfinance Development Company (AG), an Indo-Dutch for-profit private investor in Indian MFIs; and INR 3.2 crores (USD 650,000) from International Finance Corporation, the private-sector investment arm of the World Bank Group [1].
MICROCAPITAL BRIEF: Indian Microfinance Sector Expected to Decline by 20 to 40 Percent During Fiscal Year Ending March 2012
Data from India’s 39-member Microfinance Institutions Network (MFIN) for the first five months of fiscal year 2011-2012 indicate a decline in the industry’s loan portfolio.
MICROCAPITAL BRIEF: Prathama, Aryavart Gramin, Gomti-Kashi Banks Bring Solar Lighting to India’s Rural Villages Through Microfinance
Microfinance has been successful at bringing solar lighting to India’s rural villages, according to an article in Indian science and environment magazine Down To Earth.
MICROCAPITAL BRIEF: Due Diligence Critical as Indian Banks Select Business Correspondents to Downscale to Microfinance, Opines Ramesh S Arunachalam
Indian rural finance practitioner Mr Ramesh S Arunachalam recently addressed the need for due diligence in the business correspondent (BC) model that the Reserve Bank of India (RBI), India’s central banking authority, adopted in 2010 to increase financial access for low-income people [1].
MICROCAPITAL BRIEF: IFMR Capital Securitizes $15m in Microloans Originated by Indian Microfinance Institutions (MFIs) Asirvad, Disha, Grameen Koota, Mimoza, Satin Creditcare, Suryoday, SV Creditline, Utkarsh
IFMR Capital, a private India-based company that aims to provide liquidity and debt capital to financial institutions that serve poor people, recently securitized a “multi-originator” portfolio of 49,881 loans with a total value of INR 511 million (USD 10.5 million).
MICROCAPITAL BRIEF: Microfinance Institutions (MFIs) in India Attempt to Raise Funds Using “Crowd Sourcing”
Microfinance institutions (MFIs) in India have increasingly been exploring “crowd sourcing” to raise funds since traditional sources of funding such as banks and private equity houses have significantly decreased their investments following the “microfinance crisis” that began in 2010 in the state of Andhra Pradesh.
MICROCAPITAL BRIEF: India’s SKS Microfinance Scaling Up Non-Core Businesses of Financing Grocery Stores, Gold Lending
SKS Microfinance is reportedly scaling up its non-core businesses of financing Samgam stores, which are retail grocery stores owned by poor women, and increasing its gold lending operations in efforts to diversify its revenue stream.
MICROFINANCE PAPER WRAP-UP: Discovering Limits: Global Microfinance Valuation Survey 2011; By Frederic de Mariz, Xavier Reille, Daniel Rozas; Published by JP Morgan, CGAP (Consultative Group to Assist the Poor)
By Frederic de Mariz, Xavier Reille and Daniel Rozas; published by JP Morgan and CGAP (Consultative Group to Assist the Poor); July 2011; 29 pages; available at: http://www.microfinancegateway.org/p/site/m//template.rc/1.9.52137
MICROCAPITAL BRIEF: Indian Microfinance Institutions (MFIs) Share, Spandana Sphoorty, Asmitha Consider Merger, Continue Debt Restructuring Talks
As part of their ongoing efforts to manage significant losses in the state of Andhra Pradesh, Indian microfinance institutions (MFIs) Share Microfin Limited, Spandana Sphoorty Financial Limited and Asmitha Microfin Limited reportedly are in the early stages of considering the possibility of merging with one another.
MICROCAPITAL BRIEF: Indian Government Publishes Draft of Microfinance Institutions Bill, Would Make Reserve Bank of India (RBI) Sole Regulator, Establish Microfinance Development Council, Microfinance Development Fund
After months of deliberations and input from academics, policymakers and practitioners, the Indian government has published a draft of its “Microfinance Institutions (Development and Regulation) Bill,” as the first version of a future authoritative policy to govern the domestic microfinance sector.
MICROCAPITAL BRIEF: Industry Players Say Indian Microfinance Institutions Should Not be Crushed Even Though “Some MFIs Have Gone on the Wrong Path”
The Times of India, an Indian newspaper, recently reported on microfinance industry actors arguing that microfinance institutions (MFIs) should not be compromised by “the greed of a few big MFIs” and associated regulations such as the Andhra Pradesh Microfinance Act, which was passed in December 2010 to regulate MFIs following multiple suicides.
MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Reports $22m in Capital Raises, Securitizations; Upgraded by CARE Ratings to “MFI 2”
Satin Creditcare Network Limited (Satin), a microfinance institution (MFI) headquartered in Delhi, recently announced that it received an upgraded credit rating from India-based CARE Ratings following a fundraising streak totaling INR 1 billion (USD 22.3 million).
MICROCAPITAL BRIEF: Indian Microfinance Institution Bhartiya Samruddhi Finance Limited (BSFL) Raises $150m from Institutional Investors, Commercial Banks
Bhartiya Samruddhi Finance Limited (BSFL), an Indian microfinance institution (MFI) and member of the BASIX Group of companies, has reportedly raised INR 7 billion (USD 150 million) in debt and equity commitments from institutional investors and commercial banks, in what has been described as a “lifeline” by BASIX chairman Vijay Mahajan.
MICROCAPITAL BRIEF: United Bank of India to Loan $22m to Microfinance Institution Bandhan Financial Services Amid “Opening Up of Bank Credit”
The government-owned United Bank of India (UBI), recently sanctioned a loan of INR 100 crore (USD 22.5 million) to Bandhan Financial Services, a microfinance institution (MFI) in India [1].
MICROCAPITAL BRIEF: Indian Microfinance Institution SKS Reports Quarterly Loss, Looks to Raise $200m Through Private Placements
SKS Microfinance, a publicly-listed Indian microfinance institution (MFI), recently reported a net loss of INR 2.18 billion (USD 48.1 million) for the quarter ending June 30, compared to a net profit of INR 669 million (USD 14.3 million) in the same period last year.