Nonprofit Indian microfinance institution (MFI) Cashpor Micro Credit and Indian non-banking finance company (NBFC) Utkarsh Microfinance Private Limited each have implemented technology-based procedures to improve efficiency.
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MICROCAPITAL BRIEF: Equitas, Ujjivan of India Each Borrow $10m from International Finance Corporation (IFC)
The International Finance Corporation (IFC), the private-arm of the World Bank Group, reportedly has announced it will lend USD 10 million in commercial funds each to Indian microfinance institutions (MFIs) Equitas and Ujjivan Financial Services.
MICROCAPITAL BRIEF: International Finance Corporation Places $22m Equity Investment In Ratnakar Bank of India
The International Finance Corporation, a member of the World Bank Group, has made an equity investment of USD 22 million in Ratnakar Bank, a private commercial bank in India, to promote Ratnakar’s efforts to increase access to finance for women in rural areas and agricultural micro-, small and medium-sized businesses, and is reportedly part of INR 3.2 billion (USD 59.3 million) in equity raised by Ratnakar through the issuance of 30 million new shares since January 2013.
MICROCAPITAL BRIEF: Muthoot Fincorp of India to Offer $19m in Non-Convertible Debentures to Fund Continued Diversification from Gold Loans to Microfinance
Muthoot Fincorp Limited, an Indian non-banking finance company (NBFC), recently announced plans to sell INR 1 billion (USD 18.6 million) in non-convertible debentures (NCBs) to fund its expansion into the small and medium-sized enterprises (SMEs) and microfinance as a means of diversifying away from gold loans.
MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Expands Allowable Microinsurance Agent Entity Types
The Insurance Regulatory and Development Authority (IRDA), the regulatory body of the insurance industry in India, recently issued a circular expanding the types of entities eligible to serve as microinsurance agents and clarifying existing regulations that bar multiple microinsurance agents from employing the same individuals.
MICROCAPITAL BRIEF: Applications Open for Indian “Social Entrepreneur of the Year Award 2013”
The Schwab Foundation for Social Entrepreneurship, a Switzerland-based nonprofit, and the Jubilant Bhartia Foundation, an Indian nonprofit, have announced that they are now accepting applications for the 2013 Indian “Social Entrepreneur of the Year Award.”
MICROCAPITAL BRIEF: Indian Microfinance Institution Bandhan to Apply for Banking License
Indian microfinance institution (MFI) Bandhan Financial Services Private Limited reportedly has announced plans to apply for a banking license under the revised regulations on new bank licenses recently issued by the Reserve Bank of India, the country’s central bank.
MICROCAPITAL BRIEF: Indian State of Andhra Pradesh, Bharat Sanchar Nigam Limited (BSNL) to Implement Mobile Money Service via Post Offices
According to a statement attributed to Killi Kruparani, India’s minister of state for communications and information technology, a mobile money order service will be available at post offices in the Indian state of Andhra Pradesh beginning in October 2013.
MICROCAPITAL BRIEF: Investors Commit $73m to as Yet Unapproved Government-backed India Inclusive Innovation Fund, Target Size is $918m
Undisclosed investors have reportedly committed approximately INR 4 billion (USD 73.4 million) to the India Inclusive Innovation Fund, a government-sponsored fund intended to provide capital to early-stage ventures serving low-income clients.
MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Sells 20% Equity Stake for $8m from Danish Microfinance Partners, MicroVest II, ShoreCap II; Lok Capital Exits
Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited.
MICROCAPITAL BRIEF: SKS Microfinance of India Completes Two Securitizations Totaling $41m
Indian microfinance institution (MFI) SKS Microfinance Limited recently completed two securitizations totaling INR 2.3 billion (USD 41.2 million), reportedly bringing the company’s total to 12 securitizations worth INR 12.1 billion (USD 220 million) during 2012 and 2013.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan Up to $11m to Suryoday Micro Finance of India
The International Finance Corporation (IFC), a member of the US-based World Bank Group, plans to loan up to USD 11 million to Indian microfinance institution (MFI) Suryoday Micro Finance Private Limited.
MICROCAPITAL BRIEF: Indian Institute of Management at Ahmedabad (IIMA) Report Indicates Bandhan Clients Increased Wealth
The Indian Institute of Management, Ahmedabad (IIMA), a public business school located in the Indian state of Gujurat, recently released a report detailing the results of its impact study on Bandhan Financial Services Private Limited, an Indian microfinance institution.
MICROFINANCE PUBLICATION ROUND-UP: Poverty Scorecard for Nicaragua, Financial Inclusion in Russia, Health Microinsurance in India
“A Simple Poverty Scorecard for Nicaragua;” by Mark Schreiner; January 2013; 189 pages; available at http://www.microfinance.com/English/Papers/Scoring_Poverty_Nicaragua_2009_EN.pdf
This document introduces an “easy-to-use” poverty scorecard based on household expenditure data from Nicaragua’s 2009 Living Standards Measurement Survey.
MICROCAPITAL BRIEF: Flat Pyramid of India Supports VolunteeRate Offering Free Ratings, EachOneBankOne Encouraging Activism on Financial Inclusion
The Flat Pyramid, an Indian organization, has been launched with the goal of applying market-based solutions to socio-economic issues.
MICROCAPITAL BRIEF: Government of India’s Andhra Pradesh Moves to Challenge Supreme Court Interim Order as SKS Microfinance Resumes Operations in the State
As Indian microfinance institution (MFI) SKS Microfinance prepares to resume operations in the Indian state of Andhra Pradesh under a recent Supreme Court order, the Andhra Pradesh state government is moving to challenge the Supreme Court’s decision.
MICROCAPITAL BRIEF: Indian Government Commits $183m Each to Women-Only Bank, Nirbhaya Fund for Women’s Empowerment
The government of India reportedly has plans to create a bank that will exclusively serve women, lending mostly to women-run businesses as well as self-help groups of a dozen or a few dozen women.
MICROCAPITAL BRIEF: Supreme Court of India Issues Interim Order Loosening Restrictions on SKS Microfinance in Andhra Pradesh
The Indian Supreme Court has issued an interim order allowing Indian microfinance institution (MFI) SKS Microfinance to operate in the state of Andhra Pradesh without securing no-objection certificates from the state government.