Swarna Pragati Housing Microfinance Limited, an Indian housing finance company, and Accion, a US-based nonprofit, reportedly have invested USD 4.5 million in Saija Finance, an Indian microfinance institution (MFI).
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MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $5m from responsAbility through Nonconvertible Debentures
Grameen Financial Services Private Limited (Grameen Koota), an Indian microfinance institution (MFI), recently raised INR 25 crore (USD 5 million) in debt funding through the issue of secured, redeemable, non-convertible debentures (NCDs).
MICROCAPITAL BRIEF: Number of No-Frills Bank Accounts In India Surpasses 100m
The Reserve Bank of India (RBI) reportedly has announced that the number of no-frills or zero-balance account holders has doubled since 2010, rising to 103.2 million as of March 31, 2012.
MICROCAPITAL BRIEF: Indian Microfinance Institution Basix Sees Assets Fall from $326m to $22m
Indian microfinance institution (MFI) Basix, also known as Bhartiya Samruddhi Finance Limited, now reportedly has INR 124 crore (USD 22.37 million) in assets compared to the INR 1,808 crore (USD 326 million) it in September 2010. The number of borrowers from Basix has fallen to 200,000 from 1.74 million during same time period.
MICROCAPITAL BRIEF: SKS Microfinance of India to Offer Life Insurance
SKS Microfinance, an Indian microfinance institution (MFI), has announced plans to offer an endowment life insurance plan to its borrowers.
MICROCAPITAL BRIEF: India’s Insurance Regulatory and Development Authority (IRDA) Finds “Massive Problems” with Practices of SKS Microfinance
In conducting a set of field inspections, the Insurance Regulatory and Development Authority (IRDA), an Indian supervisory body, reportedly has detected “massive problems” in the handling of insurance by SKS Microfinance, a microfinance institution (MFI) in India.
MICROCAPITAL BRIEF: Loan Recast Proposal of India’s SWAWS Admitted into Corporate Debt Restructuring Cell
The loan recast proposal of Sharada’s Women’s Association for Weaker Section (SWAWS) Credit Corporation, an Indian microfinance institution (MFI), has been admitted into the 2012 corporate debt restructuring (CDR) cell, which was designed by the reserve bank of India to help MFIs carry out restructuring plans.
MICROFINANCE PUBLICATION ROUND-UP: Microfinance Information Exchange Diamond Rating System; Savings-Linked Microinsurance in India; Banking Correspondents in Brazil
“Diamonds No Longer Forever;” by Scott Gaul; published by Microfinance Information Exchange (MIX); April 2012; available at: http://www.themix.org/publications/microbanking-bulletin/2012/04/diamonds-no-longer-forever
MICROCAPITAL BRIEF: Partners in Community Development in Fiji (PCDF), Life Insurance Corporation of India (LICI) Launch Microinsurance in Fiji
Partners in Community Development in Fiji (PCDF), a Fiji-based nongovernmental organization (NGO), and the Life Insurance Corporation of India (LICI), a state-owned insurance group based in India, reportedly have launched a microinsurance project in Urata Village, Fiji.
MICROCAPITAL BRIEF: Union Cabinet of India to Present Microfinance Bill to Parliament
The Union Cabinet of India, a decision-making body of the executive branch of the government of India, reportedly has approved a bill proposing that all microfinance institutions (MFIs) register with the Reserve Bank of India (RBI) and maintain a minimum of funds equal to INR 5 lakh (USD 9,270).
MICROFINANCE PUBLICATION ROUND-UP: Financial Behavior in Latin America; Microfinance Reporting Technology; Evaluation of India’s Kshetriya Gramin Financial Services (KGFS)
“The Financial Behavior of Rural Residents: Findings from Five Latin American Countries;” by Jacqueline Urquizo; published by Accion; March 2012; 45 pages; available at: http://centerforfinancialinclusionblog.files.wordpress.com/2012/03/the-financial-behavior-of-rural-residents_march-2012.pdf
MICROCAPITAL BRIEF: SKS Microfinance to Cut 1,200 Jobs, Close 78 Branches in Andhra Pradesh, India
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly will terminate 1,200 of 3,400 jobs and shutdown 78 branches in the state of Andhra Pradesh.
MICROCAPITAL BRIEF: Grameen Foundation India Launches Newest Version of Progress Out of Poverty Index
Grameen Foundation India, a subsidiary of the US-based Grameen Foundation that promotes access to microfinance and technological services, has launched an iteration of the Progress Out of Poverty Index (PPI), a tool that measures poverty levels of groups and individuals, for India.
MICROCAPITAL BRIEF: Lok Capital to Exit Indian Microfinance Institution Janalakshmi
Lok Capital, a Mauritius-based microfinance investment vehicle, has reportedly announced plans to sell its stake in Janalakshmi Financial Services (JFS), an Indian microfinance institution (MFI).
MICROCAPITAL BRIEF: Indian Microfinance Institution, Basix, to Expand in Africa
Basix Group, an Indian provider of microfinance and other services to poor people since 1996, is reportedly looking to establish a footprint in Africa in order to increase earnings and diversify risk.
MICROCAPITAL BRIEF: Microfinance Growth Slows in Andhra Pradesh, Quickens in Other Indian States
According to a statement attributed to chief executive officer Mr Alok Prasad of Microfinance Institutions Network (MFIN), a trade association of 46 Indian microfinance lenders, the microfinance sector in the Indian state of Andhra Pradesh is expected to experience reduced growth for the financial year ending on March 31.
MICROCAPITAL BRIEF: Microinsurance Innovation Facility: Market Reaches 500m People, 60% in India
According to a report titled “Protecting the Poor a Microinsurance Compendium” that was recently published by the Microinsurance Innovation Facility, an initiative of the UN’s International Labor Organization (ILO) and Munich Re, a German reinsurance company, the total market for microinsurance reached 500 million people with the largest shares in India and China.
MICROCAPITAL BRIEF: Bamboo Finance, ZS Associates Co-Founder Invest $4m in Equity in Greenlight Planet to Boost Research, Distribution Network of LED Lamps in Rural India
Bamboo Finance, a Switzerland-based investment firm, and Dr PK Sinha, co-founder of US-based consulting firm ZS Associates, recently invested a total of INR 206 million (USD 4 million) in equity in Greenlight Planet, an Indian company that aims to provide “low-cost” energy products to low-income households in emerging markets.