Microfinance News Digest

Bhartiya Samruddhi in talks to raise Rs 300 Crore – News Digest

Bhartiya Samruddhi set to raise Rs 300 Crore.
Bhartiya Samruddhi Finance, a microfinance institution promoted by social entrepreneur Vijay Mahajan, is in talks with banks and private equity investors to raise around Rs 300 crore. This would allow the company to sustain its operations in the future. BS

basix samruddhi

Banks should remember that 80 percent of the money at stake is theirs: Vijay Mahajan, Basix
Last week, Vijay Mahajan told an Indian business paper that Basix, India’s first microfinance institution, was “unlikely to survive beyond the next two to three months” if it didn’t get fresh funds. In a telephonic interview to M Rajshekhar yesterday, Vijay Mahajan, founder, Basix talks about the microlender’s struggles to survive and explains the crisis facing Basix. ET

Ujjivan Raises Rs 32Cr More Through NCD’s
Last month the MFI raised Rs 23 crore through the same route, taking the total issue size to Rs 55 crore.VCC

UBI sanctions Rs 100 crore loan to Bandhan Financial Services
Kolkata-based United Bank of India has just sanctioned a Rs 100-crore loan to Bandhan Financial Services, the country’s fourth-largest microfinance institution (MFI) by assets. ET

K.C. Chakrabarty | Free market not good for small borrowers
When airline fare goes up and the government intervenes, nobody complains. LM

Fresh trouble for MFI’s as cost of funds go up
Successful closure of CDR raises hopes of stability returning to the sector. While banks have resumed lending, albeit selectively, to micro finance companies, the latter’s cost of funds has gone up sharply. BS

Brinda lashes out at microfinance institutions
Addressing a meeting on ‘Women SHGs in Orissa: Challenges and Opportunities’ organised by the All-India Democratic Women’s Association (AIDWA) here, Ms. Karat blamed the United Progressive Alliance government at the Centre for formulating policies that were aimed at favouring microfinance institutions. Hindu

India’s Microfinance Bill: A major step forward for financial inclusion ?
by Sanjay Sinha,M-CRIL

ICICI, State Bank of India First to Tap Aadhaar
Indian lenders such as ICICI Bank Ltd and State Bank of India will be the first companies granted access to the largest personal identity program in history, a database of up to a billion people that promises to revolutionize business. BB

IIFL to enter educational loan segment
“The education loan segment would cater to higher institutions. IIFL has also entered the healthcare loan segment recently,” Mukesh Kumar Singh, senior vice-president (Gold loans), IIFL, said addressing the media here on Tuesday. BS

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