MICROCAPITAL BRIEF: IKEA Foundation Donates $39m to United Nations Development Program’s “Swaayam” Women’s Empowerment Program in India

The IKEA Foundation, a charitable foundation affiliated with Dutch furniture retailer IKEA, recently committed a donation of EUR 30 million (USD 39 million) to Swaayam, a pilot program that aims to boost the social, political and economic empowerment of poor women in India. Swaayam provides women with financial, literacy and leadership education as well as accessing microloans through self-help groups.

MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) Asks Reserve Bank of India (RBI) to Assist in Recovering Loans Outstanding in Andhra Pradesh

Microfinance Institutions Network (MFIN), a trade association of 46 Indian microfinance lenders, reportedly has requested that the Reserve Bank of India (RBI) intervene on behalf of microlenders attempting to collect INR 7,000 crore (USD 1.36 billion) in loans outstanding in the Indian state of Andhra Pradesh.

MICROCAPITAL BRIEF: Lok Capital, Proparco Invest $5m in Equity in India’s IFMR Rural Channels and Services

Lok Capital LLC, a Mauritius-based microfinance investment vehicle, and its Proparco, a French development finance institution, have recently invested INR 260 million (USD 5 million) in equity in the Institute for Financial Management and Research (IFMR) Rural Channels and Services, a company of IFMR Trust that provides financial services in rural India.

MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Imposes Requirements on Communications with Microfinance

The Reserve Bank of India, India’s central banking authority, has recently established new guidelines for nonprofit microfinance institutions (MFIs) and non-banking finance companies (NBFCs) aimed at improving client-side transparency.

MICROCAPITAL BRIEF: International Finance Corporation (IFC) Lends $75m to Yes Bank of India to Increase Funding for Small Businesses, Farms in India

The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently announced it will be lending USD 75 million to India’s Yes Bank, a commercial bank headquartered in Mumbai, to support its on-lending activities to small and medium-sized enterprises and agricultural clients.

MICROCAPITAL BRIEF: First Phase of India’s 2011 Census: 40% of Households Do Not Have Access to Banking Services, 5% of Villages Have Banks

According to data released from the first phase of India’s 2011 census, 54 percent of rural households have access to banking services, whereas 67 percent of urban households have such access.

MICROCAPITAL BRIEF: India Becomes Supporting Member of CGAP (Consultative Group to Assist the Poor), Microfinance Think Tank Housed in World Bank

India has become a supporting member of CGAP (Consultative Group to Assist the Poor), a US-based nonprofit policy and research agency.

MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Invest $25m in Indian Equity Firm BanyanTree, Investor in SMEs

The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, reportedly plans to invest up to USD 25 million in India-based private equity firm BanyanTree Capital Advisors Limited, and investor in small and medium-sized enterprises (SMEs) in India.

MICROCAPITAL BRIEF: Reserve Bank of India Extends Deadline for New Provisioning, Asset Classification Norms for Non-Banking Finance Company Microfinance Institutions

The Reserve Bank of India (RBI), India’s central banking authority, has extended the deadline for non-banking finance company (NBFC) microfinance institutions (MFIs) in India to implement new provisioning and asset classification norms.

MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) to Commit $5.8m in Equity, Loans to Small Microfinance Institutions

The Small Industries Development Bank of India (SIDBI), a state-owned bank, has committed INR 300 million (USD 5.8 million), 30 percent of its microfinance development fund, to small Indian microfinance institutions (MFIs) that have not received commercial funding since the liquidity crisis began in the microfinance sector in the Indian state of Andhra Pradesh late in 2010.

MICROCAPITAL BRIEF: Jagaran Microfin of India Sells $3.3m in Securitized Microfinance Loans to Ratnakar Bank

Indian microfinance institution (MFI) Jagaran Microfin Private Limited reportedly has sold 50 percent of its loan portfolio for INR 16.9 crore (USD 3.32 million) to Indian commercial bank Ratnakar Bank “in a rated pool transaction to release capital and push business growth.”

MICROCAPITAL BRIEF: Draft Microfinance Institutions Bill in India to Moot Local Regulations, Allow RBI to Set Rate Cap, Establish Advisory Councils, Microfinance Development Fund

Indian Finance Minister Pranab Mukherjee has reportedly announced that he will propose a Microfinance Institutions (Development and Regulation) Bill in the current parliamentary session.

MICROCAPITAL BRIEF: Business Standard Reports on “New Breed” of Small Indian Microfinance Institutions

A recent article in the Business Standard, an Indian financial newspaper, recaps a few highlights of the Indian microfinance industry in the year following the enactment of the Regulation of Moneylending Act in late 2010 in the Indian state of Andhra Pradesh.

MICROCAPITAL BRIEF: Karnataka Vikas Grameena Bank Reaches $1m of Solar Power Products Financed in India

Karnataka Vikas Grameena Bank (KVGB), a government-owned financial institution in India, has financed INR 61.38 crore (USD 1 million) worth of solar products in the Indian state of Karnataka since 1994.