In cooperation with Ujjivan Financial Services, an Indian microfinance institution, the Parinaam Foundation, an Indian nonprofit organization, recently refunded interest of INR 111,000 (USD 2,000) charged on education loans made to Ujjivan customers.
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MICROCAPITAL BRIEF: Punjab National Bank of India Reports Increase in Net Profit, Plans to Increase Deposits and Launch Microinsurance Product
Punjab National Bank (PNB), a nationalized, government-controlled bank in India, recently announced a net profit for the quarter ending June 30, 2010, of INR 10.7 billion (USD 229 million), an increase of 28.9 percent from INR 8.3 billion (USD 178 million) for the corresponding quarter last year.
MICROCAPITAL BRIEF: Indian Microfinance Institutions (MFIs) Under Sa-Dhan to Lower Interest Rates by 2-3%
Officials from Sa-Dhan, an Indian microfinance industry association, announced that some of its 223 member microfinance institutions (MFIs) have agreed to lower interest rates by 2 percent to 3 percent.
MICROCAPITAL BRIEF: Corporation Bank of India and United India Insurance Company Limited Sign Memorandum of Understanding Regarding Marketing and Distribution of Microinsurance Products
Corporation Bank of India, a Karnataka-based, government-owned bank, and United India Insurance Company Limited (UIIC), a Chennai-based general insurance company, recently signed a memorandum of understanding to “create awareness and to market and distribute microinsurance products through business correspondents engaged by the bank.”
MICROCAPITAL BRIEF: Indian Microfinance Institutions Shifting to Monthly Loan Repayment Schedule
Indian microfinance institutions (MFIs) are offering loan products with monthly repayment plans as opposed to weekly payment terms, and according to a recent article more Indian microfinance institutions are considering offering products with monthly payment terms [1].
MICROCAPITAL BRIEF: Barclays, CARE International and Plan International Launch $1m Banking on Change Microfinance Initiative in India
Barclays, a London-based international financial services provider, recently announced it will be expanding its Banking on Change program in India and will invest INR 55 million (USD 1.2 million) in microfinance initiatives.
MICROCAPITAL BRIEF: Microfin Private Limited Disburses $746,000 in Loans to Indian Microfinance Institution (MFI) Suryoday Micro Finance Private Limited
Microfin Private Limited, a Bangalore-based non-banking financial company (NBFC) that provides financial services to MicroVentures India, has announced the disbursement of a INR 35 million (USD 746,000) loan to Indian microfinance institution (MFI), Suryoday Micro Finance Private Limited.
MICROCAPITAL BRIEF: Freedom from Hunger Publishes Results of Four-year, Bill & Melinda Gates Foundation-funded Grant Program to Bring Combination of Microfinance and Healthcare Options to Rural Poor in Benin, Bolivia, Burkina Faso, India and the Philippines
Freedom from Hunger, a California-based international development nonprofit, recently published the results of a four-year grant program enabling the organization and partner microfinance banks to add healthcare options to microfinance offerings for 1.5 million of the world’s rural poor in Benin, Bolivia, Burkina Faso, India and the Philippines.
MICROCAPITAL BRIEF: India’s Bandhan Microfinance Institution Seeking $21m Investment from Private Investor
Bandhan, an Indian microfinance institution, recently announced it is seeking INR 1 billion (USD 21 million) in investment capital from private investors.
MICROCAPITAL BRIEF: India’s Karnataka State Announces Creation of Microfinance Minister Post
The Indian state of Karnataka’s Minister for Cooperatives Mr Lakshmana Sangappa recently announced that the government is planning to create a new post of Minister of Microfinance to implement microfinance facilities to support the poor.
MICROCAPITAL BRIEF: Standard Chartered Arranges $10m Commercial Paper Issuance for SKS Microfinance of India
According to a press release submitted to MicroCapital, Standard Chartered, an international bank headquartered in London, has arranged a USD 10 million, 1-year paper issuance for SKS Microfinance, an Indian microlender, which was subscribed through an unnamed mutual fund.
MICROCAPITAL BRIEF: SKS Microfinance Initial Public Offering Opens on Bombay Stock Exchange and National Stock Exchange of India, Shares Up After First Day of Trading
SKS Microfinance’s recently issued public offering listed for public trade on August 16, 2010 on the Bombay Stock Exchange and the National Stock Exchange of India.
MICROCAPITAL BRIEF: Oikocredit Invests $3.6m in Indian Microfinance Institutions (MFIs) Grameen Koota, Share MACTS and Hope Foundation
Oikocredit, a microfinance investment fund in the Netherlands with total assets of USD 665 million, recently loaned USD 3.65 million to three Indian microfinance institution (MFIs). Grameen Koota, a division of Grameen Financial Services Private Limited founded in 1999, received INR 115 million (USD 2.02 million). Share MACTS (Mutually Aided Co-operative Thrift Society), an Indian credit union founded in 1995 that reported March 2010 total assets of USD 2.05 million, received INR 30 million (USD 527,000). Hope Foundation, an Indian MFI founded in 2005, received INR 25 million (USD 439,000). Current financial information for Hope Foundation is not available.
MICROCAPITAL BRIEF: PlaNet Finance India Inviting Applications for Microfinance Process Excellence Award
PlaNet Finance India, an affiliate of French NGO PlaNet Finance, is inviting applications for its 4th Microfinance Process Excellence Award (MPEA) in an effort to establish industry benchmarks and elevate the standards of process and institutional management among microfinance institutions in India.
MICROCAPITAL BRIEF: SKS Microfinance Initial Public Offering to List on August 16, 2010 on Bombay Stock Exchange and National Stock Exchange of India
SKS Microfinance’s recently issued public offering will list for public trade on August 16, 2010 on the Bombay Stock Exchange and the National Stock Exchange of India at an expected list price of INR 1,200 (USD 26) per share.
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Plans to Raise $21m
Grameen Koota, an Indian microfinance institution, is seeking to raise INR 1 billion (USD 21 million) and is reportedly planning to close a deal in the next several months.
MICROCAPITAL BRIEF: CGAP Responds to Criticisms From Dr Sanjay Sinha, Managing Director at Micro-Credit Ratings International (M-CRIL) of India
CGAP (Consultative Group to Assist the Poor), an independent policy and research center housed at the World Bank Group, recently responded to proposals made by Dr Sanjay Sinha, managing director at Micro-Credit Ratings International (M-CRIL), which were presented in a recent article covered by MicroCapital on July 15, 2010.
MICROCAPITAL BRIEF: Indian Microfinance Institution Ujjivan Financial Services Raises $10m Through Issue of Non-Convertible Debentures (NCDs)
Ujjivan Financial Services, an Indian microfinance institution, recently raised INR 450 million (USD 10 million) through a private placement of non-convertible debentures to undisclosed institutional investors.