Microfinance News Digest

Finance Ministry begins consultations for enacting Microfinance Law

Government prepares to frame laws for micro finance institutions
Government has started consultations with all stake-holders, including state governments, for enacting a law to regulate Micro Finance Institutions (MFIs) for ensuring interests of customers. Read more on DNA

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FII stake in SKS Microfinance soars to record high of 44.61% in April-June quarter
Continuing with the bullish stance on SKS Microfinance, India’s only listed player in the sector, foreign investors have hiked their stake in it to all-time high of 44.61 per cent during the April-June quarter amid a sharp rally in the company’s share price.Read more on ET

North East-focused microlender RGVN raises $7M from NMI, Oikocredit & others
Guwahati-based microfinance institution RGVN (North East) Microfinance Ltd (RGVNMFL) has raised Rs 41.8 crore ($7 million) from Norway’s Norwegian Microfinance Initiative (NMI) and Dutch social investor Oikocredit with participation of existing investors Dia Vikas Capital and SIDBI. Read more on VCCircle

Janalakshmi Financial set for a record PE fund raise
May scale the target to as much as Rs 600 cr. Read the rest on BS

IIT, IIM grads among 27,000 applicants for 15 Bandhan posts
A large number of applicants are already working in top positions at public and private sector banks, sources at Bandhan said. Read more on BS

RBI cancels registration of Credible Microfinance
RBI cancels registration of six NBFCs from Delhi. Read the rest on MoneyLife

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