The Reserve Bank of India (RBI), the country’s central bank, recently granted “in-principle” approval to the Infrastructure Development Finance Company (IDFC), an Indian financial services provider based in the city of Mumbai, and Bandhan Financial Services Private Limited, a microfinance institution (MFI) based in the Indian city of Kolkata, to acquire banking licenses.
Search Results for: Microfinance Institutions Bill India
MICROCAPITAL BRIEF: Kenya Women’s Finance Trust (KWFT) Receives $16m in Equity Investments from Incofin’s Rural Impulse Fund II (RIF II), Norwegian Microfinance Initiative (NMI) Fund III, NMI Frontier Fund
Kenya Women’s Finance Trust (KWFT), a Kenyan microfinance institution (MFI) that was established in 1982, recently announced that it has received equity investments totaling KES 1.37 billion (USD 16 million) from three funds: a total of KES 692 million (USD 8 million) from the Norwegian Microfinance Initiative (NMI) Frontier Fund and NMI Fund III, with the remaining KES 692 million (USD 8 million) placed by the Rural Impulse Fund II (RIF II), which is managed by Belgian microfinance fund manager Incofin Investment Management (Incofin IM).
MICROCAPITAL BRIEF: LeapFrog Invests $29m in Equity in Institute for Financial Management and Research (IFMR) Capital of India
LeapFrog Investments, a for-profit private equity fund based in Mauritius that invests in microfinance, reportedly has invested USD 29 million in return for a minority stake of undisclosed size in the Institute for Financial Management and Research (IFMR) Capital, an Indian non-banking financial company that facilitates funding for organizations that serve low-income people.
MICROFINANCE PAPER WRAP-UP: “Water, Sanitation and Microfinance Toolkit 1: Introduction to Opportunities in Water, Sanitation and Hygiene Finance,” Published by Water.org, MicroSave
“Water, Sanitation and Microfinance Toolkit 1: Introduction to Opportunities in Water, Sanitation and Hygiene Finance;” published by Water.org and MicroSave, 2013, 75 pages, available at http://www.washmicrofinance.org/
Water insecurity and unhygienic sanitation practices pose significant health and financial risks in the developing world.
MICROCAPITAL BRIEF: Commercial Banks in India Seek to Expand Microlending: Housing Development Finance Corporation, IndusInd Bank, Industrial Development Bank of India (IDBI)
Commercial banks in India reportedly are gaining interest in offering microfinance services to low-income individuals.
MICROCAPITAL BRIEF: Annapurna Microfinance of India Raises $5m in Series B Financing from Belgian Investment Company for Developing Countries (BIO), Incofin
The Belgian Investment Company for Developing Countries, a public-private partnership established by the government of Belgium and known by the Dutch acronym BIO, has led a Series-B investment of INR 300 million (USD 5 million) with participation of undisclosed amount from Rural Impulse Fund II, a microfinance investment vehicle managed by Belgium’s Incofin Investment Management, in Indian microfinance institution (MFI) Annapurna Microfinance Private Limited.
MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) Applies to Reserve Bank of India (RBI) for Self-Regulatory Organization Status
The Microfinance Institutions Network (MFIN), a trade association composed of 47 Indian microlenders that operate as non-banking finance companies, reportedly has applied to the Reserve Bank of India (RBI), the country’s central banking authority, for status as a “self-regulatory organization” (SRO).
OPINION: No Silver Bullet: While Microfinance Alone Won’t End Poverty, It Is Making an Impact – So Let’s Re-focus It to Serve the Poor
The debate about the contributions that microfinance is making to global poverty alleviation is an interesting one. But it’s also getting a little tedious.
We are all disappointed that microfinance has not, as the popular culture has promoted it, proven to be the “silver bullet” for poverty alleviation. If, however, we challenge ourselves to really understand (and be transparent about) the strengths and limitations of microfinance, and begin to think about it as just one part of a more comprehensive package of development services, the debate (and potential for impact) becomes much more interesting.
MICROCAPITAL BRIEF: By December, Reserve Bank of India (RBI) May Issue First New Banking Licenses Since 2004
The Indian Express, a provider of business news in India, recently speculated that the Reserve Bank of India (RBI), the country’s central banking authority, will issue at least three new banking licenses either in the second quarter of 2014 or near the end of the year.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Considers Relaxing Capital Requirements for New Bank Licenses
The Reserve Bank of India (RBI), the country’s central banking authority, recently commissioned an investigative panel, the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (the Committee), to create a policy framework for achieving financial inclusion in India and to make formal recommendations on how to implement the framework.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Unfixes Microloan Interest Rate Cap to Vary Based on Cost of Funding
The Reserve Bank of India (RBI), the country’s central banking authority, has announced that as of April 1, 2014, it will remove the 26-percent interest rate cap established in 2011 on all microloans extended by microfinance institutions (MFIs) in the country.
MICROCAPITAL BRIEF: MicroCred Holding Raises $11m in Equity from Danish Microfinance Partners
MicroCred Holding, a French microfinance investment company that was created by French NGO PlaNet Finance, has raised EUR 8.4 million (USD 11.4 million) in equity funding through an issue of new shares to Danish Microfinance Partners (DMP), a Danish investment fund that invests in micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Triodos Loans $9.6m to Microfinance Institutions Grameen Koota of India, Koperasi Mitra Dhuafa (Komida) of Indonesia
Triodos Investment Management, a subsidiary of Dutch Triodos Bank, recently disbursed local currency loans totaling the equivalent of USD 9.6 million to Grameen Financial Services Private Limited (Grameen Koota), a non-banking financial company (NBFC) in India, and Koperasi Mitra Dhuafa (Komida), an Indonesian microfinance institution (MFI) [1].
MICROCAPITAL BRIEF: Industrial Development Bank of India (IDBI) Introduces Kiosk Banking in 3 Rural Indian Villages
The Industrial Development Bank of India (IDBI), a government-owned financial services company, reportedly has installed kiosk banking units in three rural villages in the Indian state of Maharashtra.
MICROFINANCE PAPER WRAP-UP: “Global Financial Development Report 2014,” Published by the World Bank
“Global Financial Development Report 2014,” published by The World Bank, January 2014, 225 pages, available at http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,menuPK:8816192~pagePK:64168176~piPK:64168140~theSitePK:8816097,00.html
This report draws on research and analysis of the global financial services market to address the needs of low-income people that do not have access to financial services and recommends policies that the authors believe would increase financial inclusion.
MICROCAPITAL BRIEF: World Bank’s International Development Association Donating $50m to Support Microfinance Investment Support Facility for Afghanistan (MISFA), Afghanistan Credit Guarantee Facility
The World Bank, a US-based multilateral institution, recently approved grants totaling USD 50 million to the Microfinance Investment Support Facility for Afghanistan (MISFA), a government-backed microfinance funder, and the Afghanistan Credit Guarantee Facility, an organization that provides partial risk guarantees on loans retail institutions disburse to small- and medium-sized enterprises, in an effort to stimulate economic growth in the country by increasing access to financial services for micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Accion Venture Lab Invests in Kenyan Mobile Money System Kopo Kopo, MeraDoctor of India
US-based nonprofit Accion has announced that its Accion Venture Lab, a USD 10 million investment vehicle that provides seed capital and management support to financial inclusion startups, has invested unspecified amounts of money in two companies: Kopo Kopo, a Kenya-based service that allows small businesses to accept customer payments through mobile phone; and MeraDoctor, which provides low-cost health insurance in India as well as 24-hour access to doctors by telephone that is intended to lessen health impacts by reducing delays in seeking care [1].
MICROCAPITAL BRIEF: Reserve Bank of India Approves State-Run Savings Scheme for Poor People in West Bengal After Collapse of Saradha Group
The Reserve Bank of India, the country’s central banking authority, has approved a savings scheme in the state of West Bengal aiming to provide poor people a safe avenue to save money [1].