The Asian Development Bank (ADB), a development finance institution, reportedly is providing partial credit guarantee to loans to microfinance institutions (MFIs) in India.
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MICROCAPITAL BRIEF: MFTransparency Partners with Planet Rating, Microfinance Institutions Network (MFIN) of India to Improve Pricing Transparency
MFTransparency, a US-based nongovernmental organization (NGO), recently partnered with Planet Rating, a microfinance rating agency that is a member of the France-based PlaNet Finance Group, and Microfinance Institutions Network (MFIN), a trade association of microlenders in India.
MICROFINANCE EVENT: Sa-Dhan-FICCI Financial Inclusion Conference, New Delhi, India, August 7 – August 8, 2012
Event Name: Sa-Dhan-Federation of Indian Chambers of Commerce and Industry (FICCI) Financial Inclusion Conference 2012, “The First Mile Walk into the Financial System”
Event Date: August 7 – August 8, 2012
Event Location: The Ashok, Diplomatic Enclave, 50-B Chanakayapuri, New Delhi, India
MICROCAPITAL BRIEF: Hindustan Unilever: Banks, Corporate Distribution Networks Can Increase Financial Inclusion in India
Hindustan Unilever (HUL), an Indian consumer goods company, reportedly released a statement saying companies can help increase financial inclusion because they “have a wider distribution network than any government agency as our products reach almost every village in the country.”
MICROFINANCE PUBLICATION ROUND-UP: Microfinance Trends in Latin America and the Caribbean; Livestock Insurance in India; Using “Digital Footprints” to Boost Financial Inclusion
“Latin American and the Caribbean Microfinance Market Trends 2006-2011;” by Renso Martinez Ramirez; published by Microfinance Information Exchange; June 2012; 22 pages; available at: http://www.themix.org/publications/mix-microfinance-world/2012/06/latin-american-and-caribbean-microfinance-market-trends-
MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Proposes Shop Owners be Allowed to Sell Microinsurance
India’s Insurance Regulatory and Development Authority (IRDA) reportedly has proposed in a draft set of Micro Insurance Regulations that propose shop owners should be allowed to sell microinsurance in order to increase the usage of insurance.
MICROCAPITAL BRIEF: Financial Information Network and Operations (FINO) of India Looks to Boost Financial Inclusion in Nigeria in Partnership With ZaaEdge Resources
Financial Information Network and Operations (FINO), an India-based for-profit technology provider, and ZaaEdge Resources Limited, a for-profit company that aims to promote financial inclusion technology in Nigeria, have entered into a partnership with the goal of improving financial inclusion in Nigeria.
MICROCAPITAL BRIEF: Securities and Exchange Board of India (SEBI) Seeks Comment on “Massive Campaign” Proposed as part of Draft National Strategy for Financial Education
The Securities and Exchange Board of India (SEBI) has proposed a draft National Strategy for Financial Education.
MICROCAPITAL BRIEF: Future Generali India Introduces Microinsurance For Rural Businesses
Future Generali India, a private general insurance company, reportedly has created a microinsurance product targeted at rural business owners in India. The policy, called Future Sampoorna Suraksha, covers certain assets and liabilities of a business, such as produce, pump sets and furniture.
MICROCAPITAL BRIEF: Indian Janalakshmi Financial Services Offers JanaOne “One-Stop” Shopping to Long-Term Customers
Janalakshmi Financial Services, an Indian microfinance institution based in Bangalore, recently launched the JanaOne initiative, aimed at providing customers a “one-stop-shop” for all their financial needs.
MICROCAPITAL BRIEF: All Adults in Ernakulem, India May Have Bank Accounts by September
All adults in the Ernakulem district of the Indian state of Kerala reportedly are expected to have bank accounts by September as a result of a campaign by banks in the district to have those excluded from banking services, access bank accounts, credit, remittance services and microinsurance policies.
MICROCAPITAL BRIEF: Sthreenidhi of India to Disburse $82m in Education, Livelihood Promotion Loans
Sthreenidhi, an apex cooperative credit society set up in 2011 by the government of the Indian state of Andhra Pradesh, reportedly will disburse INR 450 crore (USD 81.6 million) for livelihood promotion and education and skill development loans.
MICROCAPITAL BRIEF: Unable to Repay His MFI’s Debt, Sewa MACTS Federation CEO Commits Suicide in Andhra Pradesh, India
Two microfinance professionals in the Indian state of Andhra Pradesh reportedly have committed suicide after their microfinance institutions (MFIs) became insolvent.
MICROCAPITAL BRIEF: Incofin Investment Management Invests $2.4m in Equity in Indian Annapurna Microfinance
Incofin Investment Management, a Belgian company that manages microfinance investment funds, has paid INR 13 crore (USD 2.36 million) for an equity stake of undisclosed size in Annapurna Microfinance Private Limited, a for-profit microfinance company based in the Indian state of Orissa. Annapurna has nearly 125,000 clients across 18 districts in Orissa and a loan book of INR 35.78 crore (USD 6.49 million).
MICROCAPITAL BRIEF: India’s Financial Information Networks and Operation (FINO) Purchases Mobile Payment Business from Nokia
Financial Information Networks and Operation (FINO), an Indian for-profit technology provider to microbanks and other financial service providers, reportedly has purchased the Indian mobile payment services business of Nokia, a Finnish handset provider, for an undisclosed amount of cash.
MICROCAPITAL BRIEF: India’s Redrafted Micro Finance Institutions Bill Would Raise Loan Ceiling to $9k, Task State Committees with Reporting Violations
A change in the Indian Micro Finance Institutions (Development and Regulation) Bill has reportedly raised the ceiling for loans disbursed by microfinance institutions (MFIs) from INR 50,000 (USD 910) to INR 500,000 (USD 9,100).
MICROCAPITAL BRIEF: Accion to Launch $60m Frontier Investment Fund, Invest in Indian Microfinance, Other Ventures
Frontier Investments Group, an investment vehicle of US-based nonprofit Accion, recently announced plans to launch the Frontier Investment Fund, which reportedly will have a pool of between USD 60 million and USD 75 million and focus on emerging economies, especially India.
MICROCAPITAL BRIEF: Reliance Capital to Serve as Banking Correspondent for State Bank of India
Reliance Capital Limited (R-Cap), the financial services branch of Reliance Group, reportedly has partnered with the State Bank of India (SBI), a state-owned financial services provider, to function as its banking correspondent (BC).