Event Name: Sankalp Unconvention Summit 2014
Event Date: April 9 – 11, 2014
Event Location: Hotel Renaissance, Mumbai, India
Event Name: Sankalp Unconvention Summit 2014
Event Date: April 9 – 11, 2014
Event Location: Hotel Renaissance, Mumbai, India
Event Name: Sankalp Africa Summit 2014
Event Date: February 12 – 13, 2014
Event Location: Intercontinental Hotel, Nairobi, Kenya
The government of Cameroon recently partnered with three agencies of the United Nations to consolidate the country’s microfinance sector by increasing governmental regulations and mergers of microfinance institutions (MFIs).
Wholesale loans covering INR 55 billion (USD 944 million) in Indian microloans reportedly are at risk of becoming classified as “non-performing assets” (NPAs) if microfinance institutions (MFIs) do not begin making payments on the loans before the expiration of a 90-day repayment window that begins on June 30, 2013.
The Indian Institute of Management, Ahmedabad (IIMA), a public business school located in the Indian state of Gujurat, recently released a report detailing the results of its impact study on Bandhan Financial Services Private Limited, an Indian microfinance institution.
Private equity firms are beginning to invest in Indian microfinance institutions (MFIs) that offer products such as insurance, pension plans and chit funds in order to diversify their portfolios. It is reported that private equity firms have invested INR 7.5 billion (USD 138 million) in Indian MFIs this year, as compared to INR 2.5 billion (USD 46 million) invested in 2011.
Share Microfin Limited and Asmitha Microfin Limited, two microfinance institutions (MFIs) based in Hyderabad, India, reportedly have rekindled efforts to execute a merger.
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.
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.
Indian rural finance practitioner Mr Ramesh S Arunachalam recently addressed the need for due diligence in the business correspondent (BC) model that the Reserve Bank of India (RBI), India’s central banking authority, adopted in 2010 to increase financial access for low-income people [1].
Indian rating agency ICRA Limited (ICRA) has assigned a conditional rating of A2(SO) to a series of pass through certificates (PTCs) backed by INR 7.18 crores (USD 1.45 million) in microloan receivables originated by Arohan Financial Services Private Limited (Arohan), a Kolkata-based non-banking financial company (NBFC).
Indian microfinance institution (MFI) Bandhan Financial Services Private Limited (Bandhan) reportedly plans to apply for a banking license after the Reserve Bank of India (RBI) finalizes its new guidelines for establishing new banks [1].
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.
Published by Legatum Ventures; May 2011; 11 pages; available at http://www.legatum.org/attachments/MicrofinanceCrisis.pdf
SKS Microfinance, a for-profit, publicly traded microfinance institution (MFI) based in India, recently reported total income of INR 3.85 billion (USD 83.8 million) and a 38 percent drop in net profit to INR 341 million (USD 7.4 million) for the period October-December 2010. A 30-percent fall in the share price of SKS has also been recorded since October 2010 [1].
Suryoday Microfinance Private Limited, an Indian non-banking financial company (NBFC), recently announced the closing of its Series B equity financing for a total of INR 175 million (USD 3.8 million), provided by Lok Capital, a new investor in the company, and Suryoday’s existing investor Aavishkaar Goodwell, both of which are social investment/microfinance equity funds operating in India.
In a report from Intellecap, a social sector advisory firm, it is predicted that the Indian microfinance industry will achieve a portfolio of 110 million borrowers and INR 135,000 crore (USD 30 billion) by 2014.
Aavishkaar Goodwell India Microfinance Development Company Ltd, an Indian-Dutch joint venture company that provides equity finance for microfinance institutions (MFIs), recently invested USD 450,000 in Belstar Investment and Finance Ltd, a non-bank finance company (NBFC) based in Bangalore, India.