Unspecified banks have recently recast loans totaling INR 7 billion (USD 136 million) for Bhartiya Samruddhi Finance Limited (Basix), an Indian microfinance institution (MFI) [1].
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MICROCAPITAL BRIEF: India’s SKS Microfinance Completes Securitization Deal Totaling $63m
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly has raised INR 321 crore (USD 63 million) from four undisclosed banks “by selling securities backed by pools of loans to woman borrowers outside its home state of Andhra Pradesh.”
MICROFINANCE PUBLICATION ROUND-UP: Indian Microfinance, Treating Colombian Clients with Respect, and Expanding Microinsurance
“Indian Microfinance: Looking Beyond the AP Act and its Devastating Impact on the Poor;” published by Legatum Ventures; March 2012; 17 pages; available at: http://www.legatumventures.com/
MICROCAPITAL BRIEF: India’s SKS Microfinance Responds To Associated Press Article on Suicides in Andhra Pradesh, Calls Allegations “Baseless”
In reference to the report ‘Lender’s own probe links it to suicides,’ by US-based news service Associated Press (AP), Indian microlender SKS Microfinance, has issued a statement expressing that the allegations that its lending practices may have contributed to customer suicides are “baseless” and simply re-state earlier allegations from 1.5 years prior.
MICROCAPITAL BRIEF: Unique Identification Authority of India (UIDAI) Task Force Recommends Micro-ATMs to Improve Financial Inclusion
A task force led by the Unique Identification Authority of India (UIDAI) has recommended a payment platform using “micro-automated teller machines” (micro-ATMs) to boost financial inclusion.
MICROCAPITAL BRIEF: Human Welfare Foundation to Offer Interest-Free Microfinance Loans in India
The Human Welfare Foundation (HWF), an educational institute in India, will provide interest-free microloans across the country, according to a statement attributed to the foundation’s vice president, Professor K A Siddique Hassan.
MICROCAPITAL BRIEF: Government Overlap, Taxes Concern Indian Micro-, Small and Medium-sized Enterprises (MSMEs)
Micro-, small and medium-sized enterprises (MSMEs) in India cite “multiple taxes and the need for compliance with multiple government departments” as key challenges.
MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) Requires SKS Microfinance to Lend Only Outside Andhra Pradesh
Small Industries Development Bank of India (SIDBI), a governmental loan wholesaler to microfinance institutions (MFIs) in India, has reportedly required that SKS Microfinance Limited (SKS), an Indian MFI, use proceeds of a recent SIDBI loan for on-lending outside of the state of Andhra Pradesh [1].
MICROCAPITAL BRIEF: Microinsurance Network to Screen India Film “Sab Tujhse Hai” (“Everything Depends on You,”) Encourages Others to Host Events Through June as Part of “Microinsurance Awareness Season”
On Monday, March 12, the Microinsurance Network, a Luxembourg-based organization that aims to promote the development of microinsurance for low-income populations, is hosting is a screening and discussion of the film “Sab Tujhse Hai” (Everything Depends on You), a Bollywood film that promotes the benefits of microfinance in rural India.
MICROCAPITAL BRIEF: SKS Microfinance Borrows $20m from Small Industries Development Bank of India (SIDBI), Focuses Efforts Outside Andhra Pradesh
SKS Microfinance Limited (SKS), an Indian microfinance institution (MFI), reportedly has obtained a loan of INR 1 billion (USD 20.1 million) from the government-backed Small Industries Development Bank of India (SIDBI), a loan wholesaler to MFIs in India.
MICROCAPITAL BRIEF: Rating Agency CRISIL Upgrades Indian Microfinance Institutions Ujjivan, Equitas, Janalakshmi
The Indian rating agency Credit Rating and Information Services of India Limited (CRISIL) has upgraded the ratings of Indian microfinance institutions (MFIs) Equitas Micro Finance India Private Limited and Ujjivan Financial Services from BBB- to BBB, a level that indicates a moderate level of safety [1] [2].
MICROFINANCE EVENT: Inclusive Financial Innovations: Making Finance and Insurance Markets Work for the Poor, Jamshedpur, India, March 1-3, 2012
Event Name: Inclusive Financial Innovation: Making Finance and Insurance Markets Work for the Poor
Event Date: March 1 to March 3, 2012
Event Location: XLRI School of Business and Human Resources, Jamshedpur, India
MICROCAPITAL BRIEF: Bandhan Financial Services Sells $112m in Securitized Loans to Industrial Development Bank of India (IDBI), Axis Bank, Development Credit Bank
Bandhan Financial Services, an Indian microfinance institution (MFI), has sold INR 550 crore (USD 112 million) of its agricultural loan portfolio to the Industrial Development Bank of India (IDBI), a public – sector bank; Axis Bank, an Indian financial services company; and Development Credit Bank, an Indian private – sector bank, according to a statement attributed to Banhan managing director Chandra Shekhar Ghosh.
MICROCAPITAL BRIEF: 76 Criminal Cases Pending Over Alleged Role of Microlenders in Borrower Suicides in India’s Andhra Pradesh
In India’s Andhra Pradesh state, the government is pushing ahead with 76 criminal cases against employees of Indian microlenders, accusing them of pushing poor debt-ridden residents to suicide.
MICROCAPITAL BRIEF: India’s Equitas Micro Finance Restructures Microfinance Business Under Singhivi Investment and Finance
Earlier this year, Equitas Micro Finance India Private Limited (Equitas) demerged its microfinance business.
MICROCAPITAL BRIEF: Internal Documents Collected by Associated Press Implicate SKS Microfinance Staff in Borrower Suicides in Andhra Pradesh, India
Data collected by the Associated Press, a US-based news agency, reportedly implies that top officials of Indian microlender SKS Microfinance have had information implicating company employees in some of the approximately 200 suicides that were reported among poor and debt-ridden residents of the Andhra Pradesh region of India in late 2010.
MICROCAPITAL BRIEF: Au Financiers to Establish Affordable Housing Finance Company in India
Au Financiers, a non-banking financial company in Rajasthan, India, reportedly will establish Au Housing Finance Private Limited (AHFPL), an Indian housing company, to “cater to the un-served and under-served markets, predominantly in the low income state of Rajasthan.”
MICROCAPITAL BRIEF: Indian Women’s Cooperative Vimo SEWA to Become Microinsurance Agent for L&T Insurance
Vimo SEWA, a woman’s insurance cooperative in India promoted by the nongovernmental organization Self Employed Women’s Association (SEWA), has partnered with L&T Insurance, an Indian insurance company, to become L&T’s first microinsurance agent.