Fidelity Information Services (FIS), a US-based banking and payment technology provider, has launched “Banking on Demand,”[1] a service that uses “shared technology infrastructure”[1] to allow financial services companies to manage their operations without establishing their own banking infrastructure.
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MICROCAPITAL BRIEF: Fidelity Information Services (FIS) Establishes Financial Inclusion Lab in India to Promote Entrepreneurship, Financial Literacy, Access to Financial Services
Fidelity Information Services (FIS), a US-based banking and payment technology provider, has established a Financial Inclusion Lab in Bengaluru, India.
MICROFINANCE EVENTS: Inclusive Finance India Summit, December 8-9, 2015; Livelihoods Asia Summit, December 10-11, 2015, New Delhi, India
Event Name: Inclusive Finance India Summit, Livelihoods Asia Summit
Event Date: December 8-9, and December 10-11, 2015, respectively
Event Location: The Ashok and Eros Hotels, New Delhi, India, respectively
MICROCAPITAL BRIEF: India’s Sohan Lal Commodity Management Raises $15m from Creation, Everstone for its Agricultural Lender, Kissandhan
Creation Investments Capital Management, which is based in the US city of Chicago, Illinois, recently informed MicroCapital that it and Everstone Capital, an investor with offices in India, Mauritius and Singapore, have invested a total of USD 15 million in equity in Indian agricultural logistics firm Sohan Lal Commodity Management.
MICROCAPITAL BRIEF: India’s Bandhan Bank Sets Deposit Interest Rates, Will Open 3 Branches in South India
Bandhan Bank, an Indian commercial bank based in Kolkata, recently announced that it plans to open one branch each in the cities of Bengaluru, Koramangala and Bannerghatta, all of which are located in southern India.
MICROCAPITAL BRIEF: C-Quadrat Asset Management’s Vision Microfinance Funds Loan $7m to Microfinance Institutions (MFIs) in Cambodia, Ecuador, Nicaragua, Nigeria, India
During August 2015, Austrian asset manager C-Quadrat Asset Management issued loans worth the equivalent of USD 7 million via its two Vision Microfinance funds to unspecified microfinance institutions (MFIs) in Cambodia, Ecuador, Nicaragua, Nigeria and India.
MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) of India Advises Members to Reduce Interest Rates
The Microfinance Institutions Network (MFIN), a trade organization composed of 47 Indian microlenders, has advised its members to reduce their interest rates voluntarily by “at least 25 basis points” [1] by the end of September 2015.
MICROCAPITAL BRIEF: IFMR Holdings Raises $25m from Accion, LeapFrog, Lok Capital to Accelerate Financial Inclusion in India
IFMR Holdings, an arm of Indian nonprofit IFMR Trust, recently raised USD 25 million from Accion, a US-based nonprofit organization; LeapFrog Investments, a for-profit private equity fund based in Mauritius; and Lok Capital, an India-based microfinance investment vehicle.
MICROCAPITAL BRIEF: Indian Microfinance Institution (MFI) Janalakshmi Raises $23.5m through Non-Convertible Debentures, Borrows $4.2m from IFMR Capital
Janalakshmi Financial Services, a Bangalore-based microfinance institution (MFI) that offers lending and insurance services to low-income households in India, recently announced that it had raised a total of INR 1.77 billion (approximately USD 27.7 million) through the issuance of non-convertible debentures (NCDs) and an unsecured term loan.
MICROCAPITAL BRIEF: India’s Micro Units Development and Refinance Agency (MUDRA) Bank Loans $9.3m to Microfinance Institutions (MFIs) Arohan, Belstar, Equitas, Margdarshak, Sonata
The Micro Units Development and Refinance Agency (MUDRA) Bank, an Indian public-sector financial institution that provides subsidized loans to microfinance institutions (MFIs) and non-banking financial institutions, recently announced that it had disbursed loans totalling INR 620 million (approximately USD 9.3 million) to MFIs in India.
MICROCAPITAL BRIEF: India’s Ujjivan Financial Services Raises $7.85m from Mutual Funds for On-Lending To Micro-, Small, Medium-Sized Enterprises (MSMEs)
Ujjivan Financial Services Private Limited, a microfinance institution (MFI) based in Bangalore, India, recently announced that it has raised INR 500 million (approximately USD 7.85 million) from United Trust of India (UTI), a mutual fund company based in Mumbai, India, through the issuance of secured, non-convertible debentures (NCDs).
MICROCAPITAL BRIEF: Qualcomm, Project Concern International (PCI) India, Microware Computing & Consulting Partner to Offer 3G-based Mobile Microfinance Technology for Microfinance Institution Planned Social Concern
Qualcomm, a US-based semiconductor and telecommunications company, recently announced a collaboration with Project Concern International (PCI) India, a New Delhi-based branch of the US-based non-governmental organization PCI; Planned Social Concern (PSC), a microfinance institution (MFI) based in Jaipur, India; and Microware Computing & Consulting, an Indian telecommunications and software company.
MICROCAPITAL BRIEF: Thailand’s Kiatnakin Bank, Siam Commercial Bank; India’s Tamilnad Mercantile Bank; ING Bank of the Netherlands Participate in $65m Syndicated Loan to Microfinance Institution (MFI) Prasac to Encourage Growth of Micro-, Small, Medium-sized Enterprises (MSMEs) in Rural Cambodia
Commercial banks including Thailand’s Kiatnakin Bank and Siam Commercial Bank (SCB); India’s Tamilnad Mercantile Bank (TMB); and the Netherlands’ ING Bank, recently announced the disbursement of a syndicated loan of USD 65 million to Cambodian microfinance institution (MFI) Prasac Microfinance Limited.
MICROCAPITAL BRIEF: India’s Micro Units Development and Refinance Agency (MUDRA) Bank Loans $5.5m to Microfinance Institution (MFI) Satin Creditcare
The Micro Units Development and Refinance Agency (MUDRA) Bank, an Indian public-sector financial institution that provides subsidized loans to microfinance institutions (MFIs) and non-banking financial institutions, recently announced that it has disbursed a loan of INR 350 million (approximately USD 5.5 million) to Satin Creditcare Network Limited, a for profit MFI based in Delhi, India.
MICROCAPITAL BRIEF: India’s SIDBI Sets up $154m Fund to Support Micro-, Small and Medium-Sized Enterprises
The government-backed Small Industries Development Bank of India (SIDBI) recently announced that it has set up a fund with INR 10 billion (USD 154 million) to provide concessional financing to micro-, small and medium-sized enterprises (MSMEs) in the manufacturing sector. As per a statement released by SIDBI, the objective of the fund is to transform the Indian MSME sector into a “world class manufacturing hub” in line with the Indian government’s “make in India” program.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Forms Committee to Promote Financial Inclusion
The Reserve Bank of India (RBI), the central banking authority of the country, recently established a 14-member committee with the objective of implementing a five-year action plan for financial inclusion.
MICROCAPITAL BRIEF: Housing Development Finance Corporation (HDFC) Bank Introduces Micro Automatic Teller Machines (ATMs) with Fingerprint Identification to Increase Access to Banking in Rural India
The Housing Development Finance Corporation (HDFC) Bank, an Indian financial services company, reportedly has introduced micro automatic teller machines (ATMs) in rural India to improve access to banking services in underserved areas of the country.
MICROCAPITAL BRIEF: C-Quadrat Asset Management’s Vision Microfinance Funds Issue $5.5m in Credits to Microfinance Institutions (MFIs) in Bolivia, Ecuador, El Salvador, Georgia, India, Mongolia, Nicaragua
During July 2015, Austrian asset manager C-Quadrat Asset Management issued loans worth USD 6 million via its two Vision Microfinance funds to unspecified microfinance institutions (MFIs) in Bolivia, Ecuador, El Salvador, Georgia, India, Mongolia and Nicaragua.