Targeting “issues that impede and afflict the livelihoods of the poor,” the ninth Livelihoods India Summit will address topics such as “inclusive value chains, technology infusion for livelihoods enhancement, women[’s] enterprises, [and the impact of] climate change…”. No detailed agenda has been released.
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MICROCAPITAL BRIEF: BNP Paribas Loans $4.2m to Annapurna of India for Microfinance Lending
France-based BNP Paribas recently informed MicroCapital that it has issued a two-year loan of INR 300 million (USD 4.2 million) to Annapurna Finance Private Limited, payable in quarterly installments. Annapurna, a microfinance institution
MICROFINANCE EVENT: The Jobs Conference; December 9 – 10, 2019; New Delhi, India
The Jobs Conference 2019 will gather stakeholders to discuss problems in India’s labour market. The event will cover topics ranging from “inclusion of the LGBT [Lesbian, Gay, Bisexual and Transgender] community” to the impact of “automation, digitalization, artificial intelligence and robotics.”
MICROFINANCE EVENT: Sankalp Global Summit; November 26-27, 2019; Mumbai, India
For the 10th year running, this conference acts as a platform to connect small and medium-sized enterprises (SMEs) in India with potential funders,
MICROCAPITAL BRIEF: Maj Places $10.6 in Equity in BASIX Group’s Sub-K, Business Correspondent Providing Microfinance on Behalf of Banks in India
Sub-K, a unit of India’s BASIX Social Enterprise Group, recently secured an equity investment of INR 750 million (USD 10.6 million) from Maj Invest, an asset manager based in Denmark. Sub-K is a financial technology (fintech) company that acts as an intermediary between financial institutions and their individual and microenterprise customers. It delivers lending, saving and payment services by “recruiting, training and equipping local entrepreneurs as Business Correspondent agents who serve as human
MICROFINANCE EVENT: Inclusive Finance India Summit; December 4-5, 2019; New Delhi, India
This conference series began in support of India’s national financial inclusion strategy, which first was introduced in 2005 under Dr Y Venugopal Reddy, who was then governor of the Reserve Bank of India. This year, the event will cover issues related to
MICROCAPITAL BRIEF: Arohan Financial Services Borrows $9m from BNP Paribas for Microfinance in India
BNP Paribas, a France-based bank, recently informed MicroCapital that it has issued a two-year loan to Arohan Financial Services in the amount of INR 650 million (USD 9.1 million). The Kolkata-based microfinance institution (MFI), is to repay the loan in
MICROCAPITAL BRIEF: Cholamandalam of India to Borrow $185m from Citibank, Guaranteed by OPIC, for Vehicle Finance for SMEs
Cholamandalam Investment and Finance Company, a member of India’s Murugappa Group, recently agreed to borrow USD 185 million from US-based financial services firm Citibank. The Overseas Private Investment Corporation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, is guaranteeing repayment of the loan. Chola plans to use the proceeds to extend
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation, CA-CIB Loan $6.1m to Fusion Microfinance of India
The Grameen Crédit Agricole (GCA) Foundation and the Crédit Agricole Corporate and Investment Bank (CA-CIB) recently established a loan guarantee scheme in the amount of EUR 5.5 million (USD 6.1 million) on behalf of Fusion Microfinance Limited, a microfinance institution based in northern India. This agreement is part of a program to secure approximately
MICROCAPITAL BRIEF: CDC, Omidyar Network, Accel Lead $21m Equity Funding Round for Indifi Technologies, Lender to SMEs in India
The CDC Group, the UK’s development finance institution, recently invested USD 15 million as part of a USD 21 million fundraising round for Indifi Technologies, a digital lender to small and medium-sized enterprises (SMEs) in India. Two US-based investors, Omidyar Network and Accel, also
MICROCAPITAL BRIEF: Ujjivan Small Finance Bank, Provider of Microfinance in India, Files for IPO
India’s Ujjivan Small Finance Bank (SFB) recently filed paperwork with the Securities and Exchange Board of India in preparation for an initial public offering (IPO). Ujjivan SFB seeks to raise
MICROCAPITAL BRIEF: India-based Microfinance Institution Spandana Sphoorty Raises $167m in IPO
Spandana Sphoorty Financial Limited, a microfinance institution (MFI) in India backed by Mumbai-based Kedaara Capital, held a three-day initial public offering (IPO) this month. It met its goal of raising INR 12 billion (USD 167 million) to augment its capital base and fund general operations.
Spandana shares debuted at INR 825 (USD 11.44) per share, a discount to their issue price of INR 856 (USD 11.94). At the end of the bidding, the IPO was subscribed by
MICROCAPITAL BRIEF: Government of India May Waive Microfinance Debt for “Small Distressed Borrowers”
The Indian government reportedly is planning a debt waiver program for “small distressed borrowers” under the country’s insolvency and bankruptcy code. While the criteria under which a borrower would qualify for the program remain under discussion, potential parameters include
MICROCAPITAL BRIEF: Sahmati Account Aggregator Platform to Allow Borrowers to Share Credit Histories Digitally with Microfinance Lenders in India
Four financial regulators in India recently began work on Sahmati, a digital account aggregator (AA) platform that is to allow loan applicants to encrypt their financial data and transmit it to lenders. Sahmati users will be able to
MICROFINANCE EVENT: Sa-Dhan National Conference; September 16-17, 2019; New Delhi, India
The 20th annual iteration of this event offers sessions such as “Insurance: the Missing Link in Financial Inclusion;” “Augmenting Good Governance and Promoting Respectable Finance;” “Integrating Digital Finance, Strengthening Cybersecurity;” and “Microfinance and Clean Energy: Untapped Opportunity.” Speakers represent organizations including the National Bank for Agriculture and Rural Development
MICROCAPITAL BRIEF: BNP Paribas Disburses 2-year, $7m Loan to Madura Micro Finance of India
BNP Paribas, a France-based bank, recently informed MicroCapital that it has issued a loan to Madura Micro Finance of India for the first time. The bank lent INR 500 million (USD 7 million) to the Chennai-based microfinance institution (MFI), which is scheduled to repay the loan in eight
MICROCAPITAL BRIEF: IndusInd Bank Merges with Bharat Financial Inclusion Limited (BFIL), Provider of Microfinance to Women in Rural India
IndusInd Bank, an India-based bank offering commercial and personal banking services, recently merged with Bharat Financial Inclusion Limited (BFIL), an India-based, for-profit microfinance institution (MFI) formerly known as SKS Microfinance. IndusInd is assuming the assets and liabilities of BFIL, the
MICROFINANCE EVENT: Asia Pacific Housing Forum 7: Powering Collaboration; July 18-19, 2019; New Delhi, India
Event Summary: The theme of the 2019 edition of this biennial forum is “powering collaboration for [the] housing ecosystem” in India, including addressing the changes to the housing market brought about by urbanization. Conference sessions will revolve around