by Lori Curtis -

MICROCAPITAL STORY: Indian Finance Minister Promises Credit to North Eastern Region

The Finance Minister of India stated that the North Eastern region of India would receive an increased flow of credit from the central government, addressing the Special Summit on Banking, Industries and Credit Issues in the North Eastern Region organised by the Ministry of Development of North Eastern Region (DoNER) at Vigyan Bhavan. The Finance Minister, Chidambaram, stated that although the North Eastern region is not currently receiving enough credit, it will begin to. The Summit was attended by the Minister of Development of North Eastern Region (DoNER), the deputy Governor of Reserve Bank of India, the Chairman of the State Bank of India and other top officials of line ministries and financial institutions.

by Greg Casey -

MICROCAPITAL STORY: Indian Village Council Issues Gram Sabha Credit Cards (GSCCs) for Microfinance Loans

In the rural Indian village of Jaltara, the village council is extending microfinance loans to villagers by issuing Gram Sabha (village council) Credit Cards (GSCCs). As part of the government-sponsored Madhya Pradesh Rural Livelihoods Project, the council issues the GSCCs, which serve as loans from the village treasury, instead of distributing money. The size of each loan, which must be repaid in six months, and the repayment schedule are decided in the council meetings.

by Sarah Knapp -

MICROCAPITAL STORY: Pochampally Chenetha Kalanetha Collectives, Samhita Microfinance and Synergics Awarded at the 2008 Srijan Microfinance Business Plan Competition hosted by Intellecap, Standard Chartered Bank, Aavishkaar Goodwell and Financial Express

Srijan recently announced the winners of its 2008 Business Plan Competition, reported by MicroCapital here. Cash prizes were given to the top three contestants, with the first prize sponsored specifically by Standard Chartered Bank. The winners will also have the opportunity to meet investors, though Srijan has not yet specified which investors. All finalists will be able to create accounts on the India Development Gateway Portal, as reported here by MicroCapital.

by Jennifer Lee -

MICROCAPITAL STORY: Indian Microfinance Institution Grama Vidiyal Microfinance (GV) Plans Expansion and Receives USD 3.5 Million from Unitus Equity Fund and Vinod Khosla

Indian non-banking finance company, Grama Vidiyal Microfinance (GV), will look to increase its branches by 115 for its current 100. Currently GV operates in 18 districts of the southern state of Tamil Nadu. By December of 2009, the company expects to open branches in Andhra Pradesh and then in northern India.

by Jennifer Lee -

MICROCAPITAL STORY: SKS Microfinance Looks to Offer Microinsurance Products with Bajaj Allianz Life

Indian microfinance institution (MFI), SKS Microfinance (SKS) announced it will partner with Bajaj Allianz Life Insurance Company to provide its members with a group insurance product. The product will be distributed by SKS and- according to the CEO of Bajaj Allianz Mr. Kamesh Goyal- will give Bajaj Allianz access to the micro-insurance market.

by Jennifer Lee -

MICROCAPITAL STORY: ING Review of American International Group (AIG) and Its Partnerships with ACCION, FINCA, MicroCred, Pro Mujer, and Pak-Oman Microfinance Bank

The Dutch Bank ING published its updated 2008 study on commercial bank microfinance activity, called “A Billion to Gain? The Next Phase”. A MicroCapital review of the paper can be read here. MicroCapital is reviewing the microfinance activities of several of large international banks covered in the study, such as American International Group (AIG).

by the MicroCapital Team -

MICROFINANCE EVENT: Vikram Akula, SKS Founder and CEO, to Speak at Washington Offices of Consultative Group to Assist the Poor (CGAP) April 11, 2008

“BROWN BAG” LUNCH WITH VIKRAM AKULA OF SKS MICROFINANCE

APRIL 11, 2008, WASHINGTON, UNITED STATES

The Consultative Group to Assist the Poor (CGAP) periodic Brown Bag Lunches offer the opportunity to hear about happenings and advances in microfinance in a casual setting. This Friday at noon CGAP hosts special guest Vikram Akula, Founder and CEO of microfinance institution SKS Microfinance. Lunch will be served and, although the event is free of charge, RSVP is requested by Thursday, April 10 via cgap@worldbank.org. Event details are not available online, but CGAP may be reached at +1 202 473 9594. The CGAP offices are on the third floor of 900 19th Street NW, Washington DC.