Microfinance News Digest

Equitas Microfinance to reduce loan portfolio by more than Rs 100 Crore – News Digest 2

equitas microfinance

Equitas Microfinance to shrink loan book to Rs 850 cr by March
After talking about growth, PE investments and lifting the poor from their penury, microfinance firms are now talking about de-growth. The Chennai-based Equitas Microfinance has consciously decided to shrink its loan portfolio to Rs 850 crore by the end of the financial year 2011, compared to its loan book size of Rs 950 crore in October 2010. FC

Microfinance  companies fleece own shareholders
The Andhra Pradesh government has literally thrown up its hands over taking action against three microfinance companies – Spandana, Share Microfin and SKS Microfin – who have allegedly siphoned off crores of rupees belonging to their women shareholders. IT

Andhra Bank submits financial inclusion roadmap to RBI

Andhra Bank, one of the leading public sector banks in the country has submitted a roadmap to the Reserve Bank of India (RBI) to provide banking services to 1144 unbanked villages in the country with a population of over 2000 by March 2012. BS

RBI directive to trigger revamp of gold loan business

Non-banking finance companies (NBFCs) engaged in gold loan business may overhaul their business models, especially the fund-raising pattern. This follows a Reserve Bank of India (RBI) directive that says bank credit to NBFCs for giving loans against gold jewellery will not be treated as exposure to the agricultural sector. BS

Manappuram sees FY11 profit at Rs. 280 crore
Manappuram General Finance & Leasing to offset pressure from higher borrowing costs due to new RBI policy by branch expansion. LM

Mobile Financial Services adoption easier in rural areas: IIM-A study

As against the existing channels of delivery of banking and financial services in the rural under-banked areas, adoption of mobile financial services (MFS) may tend to be easier, says a study by the Indian Institute of Management, Ahmedabad (IIM-A). BS

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