SKS Microfinance, a for-profit Indian microfinance institution (MFI), reportedly has securitized receivables worth INR 630 million (USD 11.6 million) and sold the package to an undisclosed bank.
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MICROCAPITAL BRIEF: SKS Microfinance of India Completes $10m Securitization, Stock Reaches 52-Week High
SKS Microfinance, an Indian microfinance institution (MFI), reportedly has completed a securitization deal worth INR 544 million (USD 10 million).
MICROCAPITAL BRIEF: SKS Microfinance of India Announces $36m Securitization Under Amended Reserve Bank of India Guidelines
SKS Microfinance, an Indian microfinance institution (MFI), reportedly has announced its first microfinance securitization of INR 2 billion (USD 36.4 million) since the Reserve Bank of India (RBI), the country’s central banking authority, revised the guidelines for securitizations issued by non-banking finance companies (NBFCs) in August 2012.
MICROCAPITAL BRIEF: Private Equity Firms Investing in Indian Microfinance Institutions (MFIs) After Two-Year Hiatus
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.
MICROCAPITAL BRIEF: SKS Microfinance of India Posts Portfolio Growth of 21% Outside Andhra Pradesh; Royal Bank of Scotland, Morgan Stanley Asia Purchase Stakes as Deutsche Securities Mauritius Cashes Out
Since India’s SKS Microfinance experienced average losses per quarter of INR 2 billion (USD 37.8 million) during the year ending March 2012, the Indian microlender has been able to borrow approximately INR 10 billion (USD 189 million) from banks.
MICROCAPITAL BRIEF: Sonata Finance of India Raises $6m in Equity from Creation Investments, Michael and Susan Dell Foundation, Individual Investors
Sonata Finance Private Limited, an Indian microfinance institution (MFI) that serves India’s northern states, recently announced that it has closed a Series D equity raise of INR 350 million (USD 6.71 million).
MICROCAPITAL BRIEF: Bellwether Microfinance Fund, Michael & Susan Dell Foundation Sell Shares in Ujjivan of India to Lok Capital of Mauritius, Undisclosed Social Investor
Ujjivan, a microfinance institution (MFI) based in Bangalore, India, is currently experiencing a churn of investors.
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $5m from responsAbility through Nonconvertible Debentures
Grameen Financial Services Private Limited (Grameen Koota), an Indian microfinance institution (MFI), recently raised INR 25 crore (USD 5 million) in debt funding through the issue of secured, redeemable, non-convertible debentures (NCDs).
MICROCAPITAL BRIEF: SKS Microfinance of India to Offer Life Insurance
SKS Microfinance, an Indian microfinance institution (MFI), has announced plans to offer an endowment life insurance plan to its borrowers.
MICROCAPITAL BRIEF: India’s Insurance Regulatory and Development Authority (IRDA) Finds “Massive Problems” with Practices of SKS Microfinance
In conducting a set of field inspections, the Insurance Regulatory and Development Authority (IRDA), an Indian supervisory body, reportedly has detected “massive problems” in the handling of insurance by SKS Microfinance, a microfinance institution (MFI) in India.
MICROCAPITAL BRIEF: SKS Microfinance to Cut 1,200 Jobs, Close 78 Branches in Andhra Pradesh, India
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly will terminate 1,200 of 3,400 jobs and shutdown 78 branches in the state of Andhra Pradesh.
MICROCAPITAL BRIEF: Microfinance Growth Slows in Andhra Pradesh, Quickens in Other Indian States
According to a statement attributed to chief executive officer Mr Alok Prasad of Microfinance Institutions Network (MFIN), a trade association of 46 Indian microfinance lenders, the microfinance sector in the Indian state of Andhra Pradesh is expected to experience reduced growth for the financial year ending on March 31.
MICROCAPITAL BRIEF: Lok Capital, Proparco Invest $5m in Equity in India’s IFMR Rural Channels and Services
Lok Capital LLC, a Mauritius-based microfinance investment vehicle, and its Proparco, a French development finance institution, have recently invested INR 260 million (USD 5 million) in equity in the Institute for Financial Management and Research (IFMR) Rural Channels and Services, a company of IFMR Trust that provides financial services in rural India.
MICROCAPITAL BRIEF: Indian Microfinance Sector Cautious on Branch Expansion, Hiring
Indian microfinance institutions (MFIs) reportedly are still cautious on expanding operations and hiring despite an improving business environment.
MICROCAPITAL BRIEF: Business Standard Reports on “New Breed” of Small Indian Microfinance Institutions
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.
MICROCAPITAL BRIEF: India’s SKS Microfinance Completes Securitization Deal Totaling $63m
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly has raised INR 321 crore (USD 63 million) from four undisclosed banks “by selling securities backed by pools of loans to woman borrowers outside its home state of Andhra Pradesh.”
MICROCAPITAL BRIEF: India’s SKS Microfinance Responds To Associated Press Article on Suicides in Andhra Pradesh, Calls Allegations “Baseless”
In reference to the report ‘Lender’s own probe links it to suicides,’ by US-based news service Associated Press (AP), Indian microlender SKS Microfinance, has issued a statement expressing that the allegations that its lending practices may have contributed to customer suicides are “baseless” and simply re-state earlier allegations from 1.5 years prior.
MICROCAPITAL BRIEF: Electronic Network Cash Tellers (ENCASH) Raises $2.56m from Funds Managed by Incofin, responsAbility to Deploy ATMs in the Philippines
Rural Impulse Funds II SA and responsAbility Ventures I, funds managed by Belgium’s Incofin Investment Management and Switzerland’s responsAbility Social Investments AG, respectively, recently infused a total of USD 2.56 million in equity capital into Electronic Network Cash Tellers Incorporated (ENCASH), a Philippines-based automatic teller machine (ATM) distributor [1].