An article was published recently on the website of the Economic Times newspaper defending the Indian microfinance industry from more regulation, especially caps that might restrict the profitability of microfinance institutions (MFIs).
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MICROCAPITAL BRIEF: Bombay Stock Exchange (BSE) Includes India’s SKS Microfinance in BSE-500 Index
The Bombay Stock Exchange Limited (BSE) of India now includes SKS Microfinance in the BSE-500 index, effective September 13, 2010.
MICROCAPITAL BRIEF: Indian Microfinance Institution Trident Planning to Raise $16m in Equity Financing
Trident Microfin Private Limited (formerly known as Annapurna Financial Services Private Limited), an Indian microfinance institution, recently announced it plans to raise INR 750 million (USD 16 million) in equity financing from high-net-worth individuals and two existing investors, Caspian Advisors’ Bellwether Microfinance Fund and the India Financial Inclusion Fund, both of which are India-focused equity investment funds.
MICROCAPITAL BRIEF: Indian Microfinance Institution Ujjivan Financial Services Announces Launch of New Short-Term Business Loan Product
Ujjivan Financial Services, an Indian microfinance institution, recently announced the launch of its new short-term business loan (STBL) product in Delhi, India.
MICROCAPITAL BRIEF: Indian Microfinance Institution Spandana Sphoorty Reports $3b of Cumulative Disbursements
Spandana Sphoorty Financial Limited, an Indian microfinance institution, recently announced that it had loaned a total of INR 151 billion (USD 3 billion) since its founding in 1998 through August 31, 2010.
MICROCAPITAL EVENT: Intellecap Hosts 2010 Srijan Financial Inclusion Forum and Awards in Mumbai, India, October 7 – 8, 2010
Event Name: 2010 Srijan Financial Inclusion Forum
Event Date: October 7, 2010 – October 8, 2010
Event Locations: Taj Land’s End, Mumbai, India
MICROCAPITAL BRIEF: Micro Housing Finance Corporation (MHFC) of India Achieves $2.16m in Loan Sanctions
The Micro Housing Finance Corporation (MHFC), an India-based housing finance company established in 2008, has reported to MicroCapital that it has reached INR 100 million (USD 2.16 million) in loan sanctions.
MICROCAPITAL BRIEF: Indian Financial Company, SE Investments Limited, Plans to Expand Microfinance Activities into Uttarakhand and Rajasthan States, Add 100,000 New Clients
SE Investments Limited, a Delhi-based public limited company with approximately 200,000 active borrowers, recently announced that it plans to expand microfinance activities into Uttarakhand and Rajasthan states and add 100,000 new clients.
MICROCAPITAL BRIEF: State Bank of India and Oxigen Private Limited Install First 80 Microfinance Kiosks in Mumbai and Delhi
The State Bank of India (SBI), a state-owned financial services company in India, and Oxigen, an Indian bill-payment and prepaid-recharge company, recently announced details of their joint program to install banking kiosks in local grocery shops.
MICROCAPITAL BRIEF: Western Union Partners with Bandhan to Provide Money Transfer Services in Rural India
In an endeavor to tap into potential clients in rural India, Western Union (WU), a company based in the US providing financial and communication services worldwide, has partnered with Bandhan, a non-banking microfinance institution in India with 2.8 million clients, to provide money transfer services to Bandhan’s microloan borrowers.
MICROCAPITAL BRIEF: India’s SKS Microfinance Nominates Founder and Current Non-Executive Chairman Vikram Akula to Serve as Chairman
The board of SKS Microfinance, a newly publicly-listed microfinance institution in India, recently announced its nomination of Mr Vikram Akula to serve as the company’s Executive Chairman.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Report Recommends Withdrawal of Priority Sector Status from Microfinance Institutions (MFIs)
An unreleased report by a committee of the Reserve Bank of India (RBI) that was recently leaked to the Indian newspaper Economic Times recommended that RBI withdraw the priority sector status of microfinance institutions (MFIs), which allows MFIs borrow at lower interest rates.
MICROCAPITAL BRIEF: India’s Suryoday Microfinance Raises $4.5m from Lok Capital and Aavishkaar Goodwell
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.
MICROCAPITAL BRIEF: India’s SKS Microfinance’s Market Capitalization Reaches $2b Subsequent to Initial Public Offering
Indian microfinance institution SKS Microfinance’s market capitalization has reached the equivalent of USD 2 billion subsequent to the launch of its initial public offering (IPO) trading commencement on the Bombay Stock Exchange and the National Stock Exchange of India on August 16, 2010, as reported by MicroCapital on August 17, 2010.
MICROCAPITAL BRIEF: The Insurance Regulatory and Development Authority of India Proposes Steep Raise in Minimum Coverage for Micro-life Insurance Policies and Steep Cuts in Agent Commissions
The Insurance Regulatory and Development Authority (IRDA), India’s insurance regulatory organization, recently announced a draft set of regulations for insurers providing micro-life insurance policies.
MICROCAPITAL BRIEF: India’s Axis Bank and Microfinance Institution Janalakshmi Agree to Expand Access to Financial Services for Country’s Urban Poor
Axis Bank, an Indian financial services firm, and Janalakshmi, an Indian microfinance institution providing both financial and social services, have established a relationship with the goal of expanding access to financial services for poor people in 51 Indian cities by the end of 2011.
MICROCAPITAL BRIEF: Microfinance India 2010 Awards to be Presented at The Microfinance India Summit, November 15, 2010
Access Development Services, an Indian nonprofit organization that offers consulting services to microfinance institutions (MFIs), and Hongkong and Shanghai Banking Corporation (HSBC) Limited, an international banking group, will present the Microfinance India Awards 2010 at the Microfinance India Summit on November 15, 2010.
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Financial Services Private Limited Appoints New CEO, Mr Udaya Kumar
Grameen Financial Services Private Limited (GFSPL), a non-banking financial company that offers microfinance products and training services in India, recently appointed Mr Udaya Kumar to serve as its Chief Executive Officer.