A group of four venture capital companies have replaced Mr Vikram Akula, founder of the Indian microfinance institution (MFI) SKS Microfinance, as promoter of the firm.
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MICROCAPITAL BRIEF: Elevar Equity, a Bangalore-based Private Equity Fund, Raises $70m for Microfinance-focused Fund for Investments in India, Mexico, the Philippines and Peru
Elevar Equity Advisors Private Limited (Elevar), a Bangalore-based private equity fund, has raised a USD 70 million fund that will invest in microfinance and other services in India, Mexico, the Philippines and Peru.
MICROCAPITAL BRIEF: India’s Microfinance Institutions Network (MFIN) Members to Create Credit Bureau in an Effort to Prevent Client Overindebtedness and Maximize Repayment
India’s Microfinance Institutions Network (MFIN), a self-regulatory organization of 31 of India’s largest microfinance companies, recently said its members will provide borrowers’ names, addresses and loan details to a credit bureau they have created, Alpha Micro Finance Consultants P Ltd (Alpha), in an effort to prevent client overindebtedness and maximize repayment.
MICROCAPITAL BRIEF: Janalakshmi Financial Services (JFS), a Microfinance Institution (MFI) Located in India, Raises $10m from Funders Including Tree Line Asia Master Fund (Singapore) Private Limited and Bellwether Microfinance Fund
Janalakshmi Financial Services (JFS), a microfinance institution (MFI) located in India, has raised INR 45.8 crore, the equivalent of over USD 10 million, in a second round of funding.
MICROCAPITAL BRIEF: SKS Microfinance, a Microfinance Institution (MFI) Based in India, Expected to File for Initial Public Offering (IPO) in Next Four Weeks
SKS Microfinance Limited, a microfinance institution (MFI) based in India, is expected to file for an initial public offering (IPO) in the next three to four weeks, according to three sources that news provider, Reuters, does not name.
MICROCAPITAL BRIEF: National Bank of Agriculture and Rural Development (NABARD) of India Invites Comments on Draft Plan for Microfinance Regulation and Development
India’s National Bank of Agriculture and Rural Development (NABARD) is seeking comments from stakeholders on a draft plan regarding regulation and development in the microfinance industry.
MICROCAPITAL BRIEF: Asian Development Bank (ADB) Provides $300m to Indian Guarantee Fund and Small Industries Development Bank of India (SIDBI) for Micro, Small, and Medium Enterprises (MSMEs)
The Asian Development Bank (ADB), a multilateral development bank, will provide a USD 50 million loan to the state-owned Small Industries Development Bank of India (SIDBI) for lending to micro, small and medium-sized enterprises (MSMEs) and a partial credit guarantee of up to USD 250 million for ADB’s Micro, Small and Medium Enterprise (MSME) Development Project, which will allow public sector commercial banks to obtain medium- to long-term funds to on-lend to existing MSME clients in India.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Warns Microfinance Institutions (MFIs) to Improve Governance Standards
The Reserve Bank of India (RBI), India’s central bank, has warned that microfinance institutions (MFIs) will be taken off the priority sector lending list if the industry does not improve its governance standards.
MICROCAPITAL BRIEF: Indian Microfinance Institution SKS Microfinance Raises $21m from Debentures and Commercial Paper
SKS Microfinance, a microfinance institution in India, recently raised INR 100 crore (the equivalent of USD 21 million) by issuing INR 50 crore (the equivalent of USD 10.5 million) worth of non-convertible debentures to Bajaj Allianz Life Insurance Company, an Indian life insurance provider, and INR 50 crore worth of commercial paper to Religare Asset Management Company, a mutual fund.
MICROCAPITAL BRIEF: Finance Division of Larsen and Toubro to Extend Microfinance Lending Facility to Indian States of Gujarat and Orissa and Establish Insurance Program
The finance division of Larsen and Toubro, a publicly-held engineering and construction company, will extend its microfinance lending facility to Gujarat and Orissa, two states in North India.
MICROCAPITAL BRIEF: New Microfinance Bill in Indian Parliament Would Remove Microloan Interest Rate Cap
A new microfinance bill that was recently introduced in the Indian Parliament would remove the cap on microloan interest rates.
MICROCAPITAL PAPER WRAP-UP: Behavioral Foundations of Microcredit: Experimental and Survey Evidence from Rural India, by Michael Bauer, Julie Chytilová, and Jonathan Morduch
Written by Michael Bauer, Julie Chytilová, and Jonathan Morduch, published by the Financial Access Initiative in December 2009, 47 pages, available at: http://financialaccess.org/sites/default/files/Behavioral%20Foundations%20of%20Microcredit%20-%20Bauer%20Chytilova%20Morduch%2012-18-09.pdf
This paper examines behavioral effects of time discounting and risk aversion as they relate to the acquisition of microcredit.
MICROCAPITAL BRIEF: Spandana Sphoorty Innovative Financial Services Limited, a Microfinance Institution (MFI) Based in Hyderabad, India, Issues $5.3m Worth of Commercial Paper
Spandana Sphoorty Innovative Financial Services Limited, a microfinance institution (MFI) based in Hyderabad, India, has raised funds by placing INR 25 crore, the equivalent of over USD 5.3 million, worth of commercial paper with an unnamed mutual fund.
MICROCAPITAL BRIEF: Indian Government Plans to Reintroduce Microfinance Bill Which Will Designate National Bank of Agriculture and Rural Development (NABARD) as New Regulatory Body, Allow Microfinance Institutions (MFI) to Accept Deposits
The Indian government is planning to reintroduce a microfinance bill to Parliament that would significantly impact the regulation of the rapidly growing microfinance industry, which has reportedly been growing at almost 52 percent per year for the last three years in terms of client outreach.
MICROCAPITAL BRIEF: Sequoia Capital Purchases 10% Equity Stake in Equitas, a Microfinance Institution (MFI) Based in India, From Kalpathi Investments for Over 12 Times the Original Price
Sequoia Capital, a venture capital fund that commits a portion of its portfolio on microfinance, has purchased a 10 percent stake in Equitas, a microfinance institution (MFI) based in India [1,2,3].
MICROCAPITAL BRIEF: The Tamil Nadu TAI Vizhudugal Federation (TAIVF) of India Provides Microfinance Loans to Self-Help Groups (SHGs) of Transgender People and “Marginalized” Women
The Tamil Nadu TAI Vizhudugal Federation (TAIVF) of India, an organization launched by the Tamil Nadu AIDS Initiative-Voluntary Health Services (TAI-VHS), has begun a program to provide microloans to 16 self-help groups (SHGs) of transgender people and “marginalised” women [1,2].
KNOW A MICROFINANCE ORGANIZATION: Friends of Women’s World Banking (FWWB) India
Overview:
Friends of Women’s World Banking (FWWB) India supports microfinance institutions (MFIs) by providing a variety of financial resources and products.
MICROCAPITAL BRIEF: Dhanlaxmi Bank Plans to Open 50 Customer Service Points (CSP) in Kerala, India, to Expand Microfinance Services
Dhanlaxmi Bank, an Indian bank in the state of Kerala, is expected to open 50 customer service points (CSP) in the near future to reach out to approximately 50,000 low-income individuals.