Switzerland’s responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans amounting to USD 8.2 million to microfinance institutions (MFIs) FINCA DRC of the Democratic Republic of the Congo, Bandhan of India and Opportunity Microcredit Romania (OMRO).
Search Results for: India
MICROCAPITAL BRIEF: Shares of India’s SKS Microfinance Fall 10% Following Announcement of $78m Loss During Quarter Ending September 2011
SKS Microfinance, an India-based microfinance institution, has reported a loss of INR 3.8 billion (USD 78.4 million) for the quarter ending September 30, 2011 [1].
MICROCAPITAL BRIEF: India’s SKS Microfinance to Raise $184m via Share Sale
The board of Indian microfinance institution (MFI) SKS Microfinance reportedly has approved plans to raise INR 900 crore (approximately USD 184 million) through a qualified institutional placement (QIP), whereby newly-issued shares will be sold to institutional investors [1].
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Introduces New Category of Non-Banking Financial Company (NBFC): NBFC–Microfinance Institution
A recent document published by the Reserve Bank of India (RBI), India’s central banking authority, introduces a standalone category for “non-banking financial company—microfinance institutions” (NBFC-MFIs) as was proposed by the Malegam Committee, an RBI-appointed panel headed by RBI board member YH Malegam.
MICROCAPITAL BRIEF: Indian Microfinance Institutions (MFIs) Spandana Sphoorty Financial, Share Microfin, Asmitha Microfin Call Off Merger After Restructuring Plans Approved
Three Indian microfinance institutions (MFIs), Spandana Sphoorty Financial, Share Microfin and Asmitha Microfin, have reportedly cancelled a potential merger on which MicroCapital had reported in August.
MICROCAPITAL BRIEF: Indian Microfinance Institution Trident Microfin Defaults on Loan from Kotak Mahindra Bank
Trident Microfin, a microfinance institution (MFI) based in the Indian state of Andhra Pradesh, reportedly has received a legal notice from Kotak Bank, an Indian commercial bank, for defaulting on a loan it received from Kotak.
MICROCAPITAL BRIEF: Aavishkaar India II Closes First Fund at USD 62m; Targets USD 120M by June 2012
Indian firm Aavishkaar Venture Management has reportedly completed the first close of its new fund, Aavishkaar India II, having raised the equivalent of USD 62 million. Aavishkaar and its funds aim to expand rural opportunities in India through investments in enterprises catering to the poorest segments of the population.
MICROCAPITAL BRIEF: Indian Finance Ministry Proposes Microfinance Bill Allowing Deposit-Taking, Reserve Bank of India Opposed
The finance ministry in India is drafting a Microfinance Institutions (Development and Regulation) Bill which will allow microfinance institutions (MFIs) in India to collect deposits from self-help groups (SHGs) and SHG members.
MICROCAPITAL BRIEF: Banks Approve $245m Loan Restructuring for Indian Microfinance Institution Share Microfin
Share Microfin, an Indian microfinance institution (MFI), has reportedly reached agreements with a number of banks, including ICICI Bank Limited, to restructure debt owed by Share worth about INR 12 billion (USD 245 million).
MICROCAPITAL BRIEF: “‘And Who Listens to the Poor?’ Shocks, Stresses and Safety Nets in India and Pakistan” by Karishma Huda, Sandeep Kaur, Nicolina Lamhauge Explores Experiences of Female Participants in Microfinance Program “2009 Trickle Up Ultra Poor Pilot Program”
Trickle Up, US-based nonprofit that aims to alleviate poverty in poor countries, recently released a study “And Who Listens to the Poor?’ Shocks, Stresses and Safety Nets in India and Pakistan” by Karishma Huda, Sandeep Kaur and Nicolina Lamhauge, documenting the cases of 20 women participants in its 2009 Trickle Up Ultra Poor Pilot Program [1].
MICROCAPITAL BRIEF: Indian Microfinance Institution Bhartiya Samruddhi Finance Limited (BSFL) Looks to Convert $40m in Loans to Preference Shares
Indian microfinance institution Bhartiya Samruddhi Finance Limited (BSFL) reportedly has requested permission from its creditors to convert loans amounting to INR 2 billion (USD 40.6 million) into preference shares to secure an immediate line of credit.
MICROCAPITAL BRIEF: Microfinance Institutions in India’s Andhra Pradesh State Seek Government, Commercial Bank Assistance in Restructuring Loans
The Microfinance Institutions Network (MFIN), an association of 39 Indian microlenders, has reportedly approached the government of the Indian state of Andhra Pradesh with a proposal to ease repayment terms for distressed borrowers in return for simplifying government-mandated underwriting procedures.
MICROCAPITAL BRIEF: Supreme Court of India Sends SKS Back to Andhra Pradesh High Court to Challenge Microfinance (Regulation of Moneylending) Act of 2010
SKS Microfinance, an Indian microfinance institution (MFI), recently was directed by the Supreme Court of India, the country’s apex court, to plead its case against the enforcement of the Regulation of Microlending Act of the Indian state of Andhra Pradesh (AP), in front of the AP High Court, the state’s apex court.
MICROCAPITAL BRIEF: Reserve Bank of India Requires Microfinance Institutions to Hold Loans for 9 Months Before Securitizing
The Reserve Bank of India (RBI), India’s central banking authority, has announced that lenders must follow new regulatory standards before securitizing their loans for sale to investors.
MICROCAPITAL BRIEF: United Bank of India Expects To Increase Financial Inclusion through Launch of United Mobile Banking
United Bank of India (UBI), which is owned by the Indian government, has launched United Mobile Banking, which allows customers to use mobile phones to access services such as balance inquiry, mini-statement, stop-check facility, intra-bank fund transfers and inter-bank fund transfers through the National Electronic Funds Transfer (NEFT) payment system.
MICROCAPITAL BRIEF: Kredits Offers Microfinance Institutions “Multi-Jurisdictional Regulatory Compliance Software Solution” in Kazakhstan, Brazil, India, Madagascar
Kredits, a US-based technology provider to microfinance institutions (MFIs), recently announced that it is providing a “multi-jurisdictional regulatory compliance software solution” to unnamed MFI clients in Kazakhstan, Brazil, India and Madagascar. The product is soon to be made available to additional countries in Southeast Asia and Africa [1].
MICROCAPITAL BRIEF: Indian Microfinance Institution Utkarsh Raises $5m in Equity from Norwegian Microfinance Initiative, Aavishkaar Goodwell, International Finance Corporation
Utkarsh Micro Finance Private Limited (Utkarsh), an Indian microfinance institution (MFI), has raised equity commitments of INR 15.8 crores (USD 3.2 million) from Norwegian Microfinance Initiative (NMI) Frontier Fund, a public-private partnership (PPP) that provides technical and financial support to “emerging” microfinance institutions; INR 6 crores (USD 1.2 million) from Aavishkaar Goodwell India Microfinance Development Company (AG), an Indo-Dutch for-profit private investor in Indian MFIs; and INR 3.2 crores (USD 650,000) from International Finance Corporation, the private-sector investment arm of the World Bank Group [1].
MICROCAPITAL BRIEF: Indian Microfinance Sector Expected to Decline by 20 to 40 Percent During Fiscal Year Ending March 2012
Data from India’s 39-member Microfinance Institutions Network (MFIN) for the first five months of fiscal year 2011-2012 indicate a decline in the industry’s loan portfolio.