Credit Information Bureau International Limited (CIBIL), an Indian credit bureau operator, recently announced that it plans to roll out a dedicated credit bureau for microfinance customers and microfinance institutions (MFIs) [1].
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MICROCAPITAL BRIEF: Creation Investments, Promus Equity Partners Raise $5.5m in Equity For Mobile Banking Technology Provider Eko India
Eko India Financial Services Private Limited, a mobile banking technology provider and business correspondent (BC) for State Bank of India and India’s ICICI Bank, has raised USD 5.5 million in “growth equity” through an investment campaign led jointly by Creation Investments Capital Management LLC and Promus Equity Partners, two private investment funds based in the US.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Microsave Publish Deposit Assessment Reports for Bangladesh, India, Nepal and Sri Lanka
The International Finance Corporation (IFC), a member of the World Bank Group, recently commissioned “The South Asia Deposit Assessment” studies.
MICROCAPITAL BRIEF: Microfinance Institutions in India Continue to Struggle for Funding After Loan Recast, Adoption of Malegam Proposals
Microfinance institutions (MFIs) in India reportedly continue to struggle after recasting of a significant portion of their wholesale debt and the adoption by the Reserve Bank of India (RBI), the country’s central banking authority, of many of the Malegam Committee’s proposals on regulating the sector.
MICROCAPITAL BRIEF: Indian Microfinance Institutions (MFIs) May Become Business Correspondents (BCs) for Commercial Banks
Indian microfinance institutions (MFIs), which have seen a downturn in business and portfolio quality since the Andhra Pradesh crisis that began in late 2010, are considering a business model that would make them intermediaries between commercial banks and poor people in rural areas.
MICROCAPITAL BRIEF: Avendus Capital of India Buys $2.4m in Securitized Loans from Grama Vidiyal Microfinance
Avendus Capital, an Indian investment bank, recently reported that it purchased INR 108 million (USD 2.4 million) in securitized debt from Grama Vidiyal Microfinance, a microfinance institution (MFI) operating in India’s state of Tamil Nadu. Securitization is a process by which lenders pool the receivables from loans for sale to investors such as banks, mutual funds and wealth managers.
MICROFINANCE EVENT: POSTPONED: CEO and Senior Leader Roundtable, Hosted by the Small Business Banking Network (SBBN) of CapitalPlus Exchange, September 6 to September 7, 2011, Mumbai, India
THIS EVENT HAS BEEN POSTPONED UNTIL 2012
Event Name: CEO and Senior Leader Roundtable, A Small Business Banking Network Forum
Event Date: September 6 to September 7, 2011.
Event Location: Mumbai, India
MICROCAPITAL BRIEF: IFMR Trust, Manipal Education and Medical Group (MEMG) Join Government of India’s Rashtriya Swasthya Bima Yojana (RSBY) Health Microinsurance Program
IFMR Trust, an Indian nonprofit organization that promotes access to finance, and Manipal Education and Medical Group (MEMG) International Private Limited, an Indian company that operates educational and healthcare institutions, have recently been accepted into the government of India’s health insurance program targeting families below the poverty line (BPL), known as Rashtriya Swasthya Bima Yojana (RSBY).
MICROCAPITAL BRIEF: Indian Microfinance Institution (MFI) Janalakshmi Raises $14m in Equity Led by Citi Venture Capital International (CVCI)
Janalakshmi Financial Services (JFS), an Indian microfinance institution (MFI), has raised INR 65 crores (USD 14 million) through a third round of equity capital fundraising. Citi Venture Capital International, a US-based private equity investor affiliated with Citigroup, has taken a “significant minority stake” in JFS that reportedly represents its first investment in India since 2008.
MICROCAPITAL BRIEF: Spurned by Commercial Banks, Indian Microfinance Institutions (MFIs) Raise Funds from Social Investors IFC, ACCION, MicroVest, ShoreCap, Aavishkaar, BlueOrchard
Indian microfinance institutions (MFIs), which have seen new lending from commercial banks dry up since the “Andhra Pradesh crisis” broke in late 2010, instead have been accessing funds from social and philanthropic investors including: International Finance Corporation (IFC), the private-investment arm of the World Bank Group; ACCION International, a US-based nonprofit organization; MicroVest Capital Management, a US-based family of microfinance investment funds; Shore Capital, a UK-based investment banking company; Aavishkaar Goodwell India Microfinance Development Company Limited, an India-based financing company; and BlueOrchard Microfinance Investment Managers, a Swiss manager of microfinance funds.
MICROCAPITAL BRIEF: Wholesale Lenders Agree to Restructure $1b in Debt for Indian Microfinance Institutions (MFIs) Spandana Sphoorty, Asmitha, Future, Share, Trident
Following two months of negotiations, unnamed wholesale commercial lenders have agreed to restructure debt worth INR 5,000 crores (USD 1 billion) for five Indian microfinance institutions (MFIs): Spandana Sphoorty Financial Limited, Asmitha Microfin Limited, Future Financial Services Limited, Share Microfin Limited and Trident Microfin Private Limited.
MICROCAPITAL BRIEF: Call for Applications For India’s 8th Annual Citi Micro Entrepreneur Awards
Citi Foundation, the charitable arm of global financial services provider Citi, has issued a call for applications for its 8th annual Citi Micro Entrepreneur Awards (CMEA).
MICROCAPITAL BRIEF: New Draft Bill From Ministry of Finance Would Expand Role of Reserve Bank of India (RBI) to Regulate Entire Indian Microfinance Sector, Cutting Roles of NABARD, State Governments
The Indian Ministry of Finance is in the final stages of drafting a new microfinance bill that would transfer all regulatory power over microfinance to the Reserve Bank of India (RBI), the country’s central bank, in an effort to create a uniform framework for all microfinance institutions (MFIs), according to Indian news website Moneycontrol.com.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) to Allow Urban Cooperative Banks to Lend to Self-Help Groups (SHGs), Joint Liability Groups (JLGs) in Effort to Increase Microfinance Activities
The Reserve Bank of India (RBI), the country’s central banking authority, has recently begun permitting urban cooperative banks (UCBs), commonly known as credit unions, to lend directly to self-help groups (SHGs) and joint-liability groups (JLGs) in an effort to facilitate financial inclusion by increasing the availability of microfinance in India.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Mandates Personal Guarantees from Promoters of Microfinance Institutions (MFI) Looking to Restructure Debt
The Corporate Debt Restructuring (CDR) cell of the Reserve Bank of India (RBI), after a unanimous decision, declared that promoters of microlenders will be required to provide personal guarantees in order for their institutions to refinance their debt in the wake of the microfinance turmoil in the Indian state of Andhra Pradesh that began in 2010.
MICROCAPITAL BRIEF: Equifax India to Launch Microfinance Credit Bureau In Partnership with Bank of Baroda, Bank of India, Kotak Mahindra Prime, ReligareFinvest, Sundaram Finance, Union Bank of India
The Indian unit of Equifax Credit Information Services, a US-based consumer credit reporting agency, has partnered with the following six Indian banks to launch a credit bureau devoted to transactions in the microfinance sector: Bank of Baroda, Bank of India, Kotak Mahindra Prime, ReligareFinvest, Sundaram Finance and Union Bank of India.
MICROCAPITAL BRIEF: Union Bank of India (UBI) Launching Microfinance Schemes Under “unioninclusions”
Union Bank of India (UBI), a nationalized bank with approximately USD 44 billion in total assets, recently announced the launch of “unioninclusions” in an effort to deepen financial inclusion. Announced in Mumbai by Shri Pranab Mukherjee, India’s Finance Minister, the initiative includes the following five schemes: 1) the opening of 11 specialized financial-inclusion branches; 2) biometric card-to-card remittance facility for migrant laborers; 3) mobile van banking to serve unbanked villages in the state of Odisha; 4) publication of a comic book series intended to spread financial literacy among illiterate people in rural areas; 5) funding solar power for Union Adarsh Gram, a program launched by UBI in June 2010 to adopt 101 rural villages across India to offer development and modernization.
MICROCAPITAL BRIEF: LeapFrog Partners With Unitus Capital Looking to Invest $40m to Increase Microinsurance Penetration in India
LeapFrog Investments, a US-based private equity fund focusing on microinsurance activities, is reportedly looking for opportunities to deploy up to USD 40 million in India.