In an interview with business newspaper, Economic Times (ET), co-founder and vice president of Vaatsalya Healthcare Solutions Dr V Renganathan discussed the microinsurance scheme for which he is seeking a grant. He asserts that the plan will offer low-income Indian consumers both hospital care as well as out-patient consultation.
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MICROCAPITAL BRIEF: MFTransparency to Launch Transparent Pricing Initiative in India With Participation of 82 Microfinance Institutions to Date
MFTransparency, a U.S.-based non-governmental organization which promotes accurate and transparent pricing in the microfinance industry, recently expanded its transparent pricing initiative to 82 microfinance institutions (MFIs) in India.
MICROCAPITAL BRIEF: Dr C Rangarajan, Chairman of the Indian Prime Minister’s Economic Advisory Council Asks Microfinance Institutions (MFIs) to Consider Borrowers’ “Repayment Capacity” To Avoid Default
Dr C Rangarajan, Chairman of the Indian Prime Minister’s Economic Advisory Council, recently asked India’s microfinance institutions (MFIs) to consider borrowers’ repayment capacity when setting interest rates on loans.
MICROCAPITAL BRIEF: Sa-Dhan, a Microfinance Network in India, Launches Microfinance and Financial Inclusion Magazine “Micro Matters”
Sa-Dhan, a microfinance network in India with total member assets of INR 117 billion (the equivalent of USD 2.6 billion) as of March 2010, has launched a microfinance and financial inclusion magazine entitled “Micro Matters.”
MICROCAPITAL BRIEF: Indian Microfinance Institution Spandana Sphoorty’s Board Actively Evaluating an Initial Public Offering (IPO)
Spandana Sphoorty Financial Limited, an Indian microfinance institution, is evaluating an initial public share offering (IPO) following the recent launch of SKS Microfinance’s IPO, the first IPO by an Indian microfinance institution.
MICROCAPITAL BRIEF: State Bank of India Teams Up with Oxigen Pvt Ltd and Sahyog Microfinance Foundation to Offer Kiosk-based Banking Model
The State Bank of India (SBI) has recently announced that it has entered a partnership with payment service provider, Oxigen Services Private Limited, to offer kiosk-based banking services opening connections directly to SBI’s Core Banking System from existing, internet-ready Oxigen retail locations. The partnership, in conjunction with the SBI business correspondent Sahyog Microfinance Foundation, will use existing Oxigen retailers as customer service points (CSPs) of Sahyog to carry out banking transactions on behalf of the national bank. Sahyog branches, in turn, already function as CPSs of SBI.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Provide $25m to Federal Bank, a Private Commercial Bank in India, to Support Small and Medium-sized Enterprises (SMEs)
The International Finance Corporation (IFC), a member of the World Bank Group, will provide financing of USD 25 million to Federal Bank, a private commercial bank in India, to improve support for small and medium-sized enterprises (SMEs) and to boost international trade opportunities. The deal will “facilitate transactions in challenging markets, promote competitive financing and build bank relationships with new institutions, thereby reducing risk and enabling more smaller businesses to engage in trade.”
MICROCAPITAL BRIEF: Pension Fund Regulatory and Development Authority (PFRDA) Launches NPS-Lite, Program of The National Pension System, to Reach Economically Disadvantaged in India
Pension Fund Regulatory and Development Authority (PFRDA), the apex body established by the government of India to regulate and develop the pension sector, has launched a new offering under the National Pension System (NPS), entitled NPS-Lite, to promote saving among the economically disadvantaged population. The NPS-Lite model is designed to facilitate small investments from the poor via low administrative and transactional costs.
MICROCAPITAL BRIEF: Microfinance Experts Express Concern Over Rapid Growth of Microlending by For-Profit Organizations in India
An article in the Financial Times titled, “Microfinancing Spreads Beyond India’s Grassroots,” discusses recent concerns raised by some microfinance experts surrounding the increase in microlending by profit-oriented companies in India.
MICROCAPITAL BRIEF: SKS Microfinance Launches India’s First Initial Public Offering (IPO) by a Microfinance Institution
SKS Microfinance has launched India’s first initial public offering (IPO), anticipation of which stretches at least back to a report by MicroCapital on March 29, 2010.
MICROCAPITAL BRIEF: India’s SKS Microfinance Raises $64m in Share Allotment Ahead of Initial Public Offering (IPO)
SKS Microfinance reported it has raised INR 2.98 billion (USD 64 million) in a share allotment to 36 undisclosed anchor investors prior to its initial public offering (IPO) scheduled to open July 27, as was previously reported by MicroCapital on July 22, 2010.
MICROCAPITAL BRIEF: Saija Finance Private Limited Addresses Shortage of Microfinance in Bihar, India
Since 2008 Saija Finance Private Limited, a nonbanking finance company with total assets of INR 11 million (equivalent to USD 240,000), has been providing microfinance services in the Indian state of Bihar, which according to a report by the National Bank for Agriculture and Rural Development (NABARD), has a credit-demand supply gap of 96 percent.
MICROCAPITAL BRIEF: India’s SKS Microfinance to Double Employee Count Subsequent to Initial Public Offering (IPO)
India’s SKS Microfinance has recently announced that it is planning to expand capacity and double employee count to 42,000 by the end of the current fiscal year ending March 31, 2011, after the initial public offering (IPO) which is scheduled for July 27, 2010, as previously reported by MicroCapital on March 29, 2010.
MICROCAPITAL BRIEF: Quantum Hedge Fund Managed by George Soros Invests in India’s SKS Microfinance, Whose Initial Public Offering (IPO) is Imminent
The Quantum Group of Funds, which consists of several privately owned hedge funds based in the Netherlands and Cayman Islands and managed by George Soros through Soros Fund Management, has purchased 300,000 shares in SKS Microfinance from Yatish Trading Company Pvt Ltd, an Indian securities firm.
MICROCAPITAL BRIEF: Indian Finance Minister Pranab Mukherjee Calls on Formal Banking Institutions to Reach Poor
The Finance Minister of India, Pranab Mukherjee, recently commented that mainstream financial institutions are not currently, but should be, reaching India’s poor.
MICROCAPITAL BRIEF: Microfinance Institution Village Financial Services Private Limited (VFS) Partners with Hindustan Unilever Limited (HUL) to Improve Access to Safe Drinking Water via Microloans in India
Village Financial Services Private Limited (VFS), a microfinance institution (MFI) in eastern India, has signed a memorandum of understanding with Hindustan Unilever Limited (HUL), a consumer goods company based in Mumbai, India, to improve access to safe drinking water. The partnership will enable poor households to take a loan at a zero rate of interest to buy HUL’s Pureit water purifiers.
MICROCAPITAL BRIEF: Indian Microfinance Institutions (MFIs) Receive $84m in Private Equity Investment in the First Half of 2010
Indian microfinance institutions (MFIs) have reportedly attracted private equity investment totaling INR 3.86 billion (USD 84 million) between January and June of this year – an increase of approximately 15 percent over the first half of 2009. According to unnamed “industry experts,” the increase is a result of the high profitability of the majority of Indian MFIs, brought about by the high interest rates that MFIs charge (30-60 percent per year) and high repayment rates (exceeding 95 percent).
MICROCAPITAL BRIEF: India’s SKS Microfinance Sets Price for Pending IPO, Offers Discount to Retail Investors
As initially reported by MicroCapital on March 29, 2010, India’s SKS Microfinance has filed for an initial public offering, and it has recently announced that it is planning to raise INR 1,500 crore, or INR 15 billion (USD 317 million) through the IPO.