IFMR Capital, an affiliate of the Indian nonprofit Institute for Financial Management and Research (IFMR), a private trust that aims to provide Indian enterprises with access to financial services, recently listed a securitized debt instrument on the Bombay Stock Exchange that pooled loan assets from eight microfinance institutions (MFIs).
Search Results for: "SKS Microfinance"
MICROCAPITAL BRIEF: After Reserve Bank of India Caps Microfinance Institution Interest Rates at 26%, Investors Eye Non-Banking Financial Companies
Microfinance investors reportedly are seeking to invest in India’s non-banking financial companies (NBFCs) after the Reserve Bank of India (RBI) established a new regulation framework in 2011 that included an interest rate cap of 26 percent on loans disbursed by microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Reserve Bank of India Projected to Issue Banking Licenses to L&T Finance Holding, Shriram Group, Mahindra & Mahindra Financial Services
Antique Stock Broking Ltd., an India-based financial services conglomerate, reportedly has projected that L&T Finance Holding, Shriram Group and Mahindra & Mahindra Financial Services are the three non-banking financial companies (NBFCs) most likely to receive banking licenses shortly from the Reserve Bank of India (RBI).
MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Proposes Shop Owners be Allowed to Sell Microinsurance
India’s Insurance Regulatory and Development Authority (IRDA) reportedly has proposed in a draft set of Micro Insurance Regulations that propose shop owners should be allowed to sell microinsurance in order to increase the usage of insurance.
MICROCAPITAL BRIEF: Securities and Exchange Board of India (SEBI) Seeks Comment on “Massive Campaign” Proposed as part of Draft National Strategy for Financial Education
The Securities and Exchange Board of India (SEBI) has proposed a draft National Strategy for Financial Education.
MICROCAPITAL BRIEF: Indian Microfinance Institution Basix Sees Assets Fall from $326m to $22m
Indian microfinance institution (MFI) Basix, also known as Bhartiya Samruddhi Finance Limited, now reportedly has INR 124 crore (USD 22.37 million) in assets compared to the INR 1,808 crore (USD 326 million) it in September 2010. The number of borrowers from Basix has fallen to 200,000 from 1.74 million during same time period.
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: 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: Small Industries Development Bank of India (SIDBI) to Commit $5.8m in Equity, Loans to Small Microfinance Institutions
The Small Industries Development Bank of India (SIDBI), a state-owned bank, has committed INR 300 million (USD 5.8 million), 30 percent of its microfinance development fund, to small Indian microfinance institutions (MFIs) that have not received commercial funding since the liquidity crisis began in the microfinance sector in the Indian state of Andhra Pradesh late in 2010.
MICROCAPITAL BRIEF: Draft Microfinance Institutions Bill in India to Moot Local Regulations, Allow RBI to Set Rate Cap, Establish Advisory Councils, Microfinance Development Fund
Indian Finance Minister Pranab Mukherjee has reportedly announced that he will propose a Microfinance Institutions (Development and Regulation) Bill in the current parliamentary session.
MICROCAPITAL BRIEF: 9.2m Microfinance Borrowers in India Have Defaulted Since 2010
It has been reported that approximately 9.2 million of 32 million Indian microfinance clients have defaulted on loan repayment since 2010.
MICROCAPITAL BRIEF: CARE, Orange, Equity Bank Partnering to Bring Mobile Banking Services to Savings Groups in Kenya
CARE International, a Swiss NGO aiming to reduce global poverty; Kenya’s Equity Bank; and French telecommunications operator Orange are launching a partnership to provide savings groups with banking services using mobile phones.
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: Banks Recast Loans of $136m for Indian Microfinance Institution Bhartiya Samruddhi (Basix)
Unspecified banks have recently recast loans totaling INR 7 billion (USD 136 million) for Bhartiya Samruddhi Finance Limited (Basix), an Indian microfinance institution (MFI) [1].
MICROCAPITAL BRIEF: 76 Criminal Cases Pending Over Alleged Role of Microlenders in Borrower Suicides in India’s Andhra Pradesh
In India’s Andhra Pradesh state, the government is pushing ahead with 76 criminal cases against employees of Indian microlenders, accusing them of pushing poor debt-ridden residents to suicide.
MICROCAPITAL BRIEF: SKS Suffers $85m Loss as Norway’s Government Pension Fund – Global Buys 1% Stake
During the quarter that ended on December 31, 2011, Indian commercial microfinance institution SKS Microfinance Limited (SKS) suffered net losses of INR 4.28 billion (USD 85.3 million), 11 percent higher than net losses in the previous quarter.
MICROCAPITAL BRIEF: “Nokia Money” Electronic Wallet Service Launched in India in Effort to Promote Financial Inclusion
Nokia Corporation, a Finnish telecommunications company, has launched Nokia Money, an electronic-wallet service, in an effort to promote financial inclusion of previously “underbanked” people across India [1].
MICROCAPITAL BRIEF: Supreme Court of India Sends SKS Back to Andhra Pradesh High Court to Challenge Microfinance (Regulation of Moneylending) Act of 2010
SKS Microfinance, an Indian microfinance institution (MFI), recently was directed by the Supreme Court of India, the country’s apex court, to plead its case against the enforcement of the Regulation of Microlending Act of the Indian state of Andhra Pradesh (AP), in front of the AP High Court, the state’s apex court.