Citi Asia, a subsidiary of US-based bank Citigroup in Asia, recently launched Citi Mobile Collect, a mobile payment platform that enables customers to complete fund transfers via mobile phones, in China and India.
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MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Grants Preliminary Approval to Microlender Bandhan to Receive Banking License
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.
MICROCAPITAL BRIEF: India-based Satin Creditcare Raises $4.7m in Equity from Norwegian Microfinance Initiative (NMI)
Satin Creditcare Network (Satin), an Indian microfinance institution (MFI), recently announced that it has raised INR 284 million (USD 4.7 million) in equity from the Norwegian Microfinance Initiative (NMI), a Norway-based public-private partnership that invests in and offers technical support to MFIs.
MICROCAPITAL BRIEF: India-based NeoGrowth Raises $1.7m from Aspada Investment Company
NeoGrowth Credit, an Indian non-bank financial company that makes working capital and inventory loans to small and medium-sized enterprises (SMEs) in the country, recently announced that it has raised INR 100 million (USD 1.7 million) from Aspada Investment Company, an Indian investor in early-stage businesses that target low-income consumers.
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.
MICROCAPITAL BRIEF: India-based Five Star Raises Equity Financing from Matrix to Expand Branch Network, Increase Lending to Micro-, Small, Medium-Sized Enterprises (MSMEs)
Five Star Business Credits (Five Star), an Indian non-bank financial company that lends to micro-, small and medium-sized enterprises (MSMEs) in the country, recently announced that it has raised an undisclosed sum in equity financing from Matrix Partners India, the Indian subsidiary of US-based private equity firm Matrix Partners.
MICROFINANCE PUBLICATION ROUND-UP: Government Efforts to Achieve Financial Inclusion in India; Index-based Insurance in South, Southeast Asia; Microinsurance Claims Management
“Report of the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households;” published by the Reserve Bank of India (RBI); December 31, 2013; 247 pages; available at http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CFS070114RFL.pdf
This report was authored by the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, which was appointed by the Reserve Bank of India (RBI) in September 2013 to propose measures for increasing access to financial services in India.
MICROCAPITAL BRIEF: Bandhan of India Raises $16m in Nonconvertible Debentures (NCDs) From Unnamed Swiss Investor
Bandhan Financial Services, an Indian microfinance institution (MFI) that offers loans for health emergencies and microenterprise, reportedly has raised INR 1 billion (USD 16.3 million) in nonconvertible debentures (NCDs) from an unnamed Swiss investor.
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).
MICROCAPITAL BRIEF: Manappuram of India Acquires Milestone Home Finance
Manappuram Finance Limited, an India-based non-banking finance company, recently signed an agreement to acquire Milestone Home Finance Company, an organization licensed to provide housing finance in India, from Jaypee Hotels, an India-based hospitality company,
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: Grama Vidiyal Microfinance of India Borrows from World Business Capital
Grama Vidiyal Microfinance, a microfinance institution (MFI) operating in the Indian state of Tamil Nadu, has raised an undisclosed amount of financing through both senior and subordinate loans from World Business Capital, a US-based lender to small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: India’s IntelleGrow Completes Second Round of Financing, Raising $4.6m from Omidyar Network, Michael and Susan Dell Foundation
IntelleGrow, an India-based lender to small and medium-sized enterprises (SMEs), recently announced that it raised INR 250 million (USD 4.1 million) from Omidyar Network, a US-based social investment firm, and INR 30 million (USD 500,000) from the Michael and Susan Dell Foundation, a US-based nonprofit institution, in return for stakes in the company of undisclosed size.
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: India-based Elevar Seeks to Raise $75m for Third Impact-Investing Private Equity Fund, Receives Commitment from Omidyar Network
Elevar Equity, an India-based private equity fund that is focused on “impact investing,” is seeking to raise USD 75 million for its third fund by the end of 2014. Elevar reportedly has received commitments of unspecified amounts from two investors, including US-based investment firm Omidyar Network.