From the category archives:
SKS Microfinance
In what will be a first-of-its-kind public offering, SKS Microfinance, the country’s largest provider of financial services to the poor, will make its debut on the bourses by the end of FY10. Though this MFI, founded by ex-Mckinsey consultant Vikram Akula, is yet to file its DRHP, the issue size is expected to be [...]
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Microfinance on mobile:
mChek says it has the key .Unlike in earlier other trials, mChek aims to empower the borrower rather than the loan collector, so she can maintain a bank balance and make other mobile transactions such as utility bill payments as well
E. Shantha, 32, earns just Rs1,500 a month cooking in an eatery [...]
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Crime, inaccessibility impede spread of microfinance activity in India
Safatullah is 22 years old and runs a bakery from his home. He needs Rs8,500 to buy equipment and ingredients to increase biscuit production, so that he can sell more cookies to tea vendors. For three months, he’s been running around to raise the money, but has [...]
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US-based Overseas Private Investment Corporation has approved $ 250 million funding to Citibank to give loans to microfinance entities in emerging markets.
OPIC will risk participate in Citi originated and funded local currency loans to MFIs, which in turn make small loans to micro-borrowers in Africa, the Middle East, Asia, Eastern Europe and Latin America, a [...]
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Vikram Akula,Founder of SKS Microfinanc
Name: Vikram Akula
Age: 41
WHO: Founder of SKS Microfinance. The man who took the benefit of banking to 4.7 million poor families. Named by TIME as one of the world’s 100 most influential people.
His Legacy: Showed microfinance can attract private capital and build large scale.
His Big Moment: [...]
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The winter session of parliament is expected to be held in mid November.
Government to enact Microfinance Bill in Winter Session
The microfinance bill seeks to entrust the function of development and regulation of the microfinancial sector to the National Bank for Agriculture & Rural Development. The microfinance bill got delayed as the Left parties wanted a cap [...]
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KOLKATA: Bandhan, one of the country’s leading microfinance institutions (MFI), has just received a shot in the arm with a Rs 250-crore credit line from the Small Industries Development Bank of India (Sidbi). This will help the seven-year-old MFI grow its lending portfolio and cover five lakh additional borrowers this fiscal.
Sidbi, which supports [...]
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CHENNAI: The Mauritius based Lok Capital LLC, a $ 22 mn venture fund focused on the micro finance sector in India, has invested $ 1.75 mn ( Rs 7 crore) translating into a 24% stake in the Chennai-based Asirvad Microfinance. In the last 18 months, Asirvad has lent Rs 35 crore to 75,000 borrowers in [...]
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Ahmedabad-based Self Employed Women’s Association (SEWA) Bank aims to provide retirement benefits to 1 lakh unorganised workers in Gujarat. So far, SEWA Bank has opened 50,000 micro pension accounts in the state through its micro pension drive initiative for the poor and middle-class labourers.
The initiative aims to provide old-age security to workers like vegetable [...]
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As the concept of microcredit evolves, some pioneering MFIs globally have begun pushing their mandate to loosely resemble that of financial institutions
Bangalore: Microfinance institutions (MFIs), established primarily to lend small sums to the poor, are trying to make consumers out of them.
Going beyond their traditional role,some MFIs are starting to offer schemes to the poor [...]
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Rabo India closes INR 500 million lending credit facility to Spandana Sphoorty Financial Limited
Rabo India provided INR 500 Million through a credit facility to Spandana Sphoorty Financial Limited, to enable about 50,000 rural microfinance clients to avail of microcredit loans.
Spandana is the most efficient Micro Finance Organization in the world and the best rated [...]
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The Reserve Bank posts recommendations of its panel on website; more villages could benefit from implementation
Mumbai: A panel of the Indian central bank has recommended that owners of provision stores and medical shops, public call office (PCO) operators, petrol pump owners, insurance agents as well as retired teachers should be allowed to act as business [...]
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