Microfinance News Digest

IDBI Bank to lend Rs 700 crore to Indian MFI’s – News Digest

IDBI Bank to lend Rs 700 cr more to microfinance firms
“We have exposure of about 800 crore, and we can take it to about 1,500 crore by the end of the fiscal,” Executive Director RK Bansal said. BS

idbi microfinance

SIDBI to disburse Rs 1,000 cr to MFIs
Small Industries Development Bank of India (SIDBI) plans to disburse around Rs 1,000 crore in credit to microfinance institutions (MFIs) during FY12, which is 19% more than the loaned amount last fiscal. BS

India’s Microfinance Bill Offers a Mixed Bag to Investors

By Vineet Rai
Vineet Rai is founder and the CEO of Aavishkaar Venture Management Service which is India’s first Social Venture Capital Firm.

It is best time for start-ups to raise money in India
Mr Anupam Mittal, founder-chief executive of Shaadi.com — a pioneer of matrimonial services in the country and recognised as the ‘most innovative company in India’ in 2011 by Fast Company, a US business publication — spoke to Business Line about his 14-year journey as an entrepreneur. BS

IFC to invest $1 bn in India
During the financial year ended June, it committed to 28 new investments worth about $800 million. It also approved 18 new advisory projects worth $9.5 million. The value of its portfolio in India stood at $3.7 billion as of June 30. BS

Muthoot expects up to 60% growth in AUM
Gold finance firm Muthoot Finance Ltd (MFL) is expecting to grow 50 to 60 per cent in assets under management (AUM) from last year’s Rs 15,868 crore. The company is launching around 650 branches through out the country with an investment of around Rs 10 lakh per branch in the fiscal. BS

Mbanking can replace cards to an extent: RBI deputy governor
Reserve Bank of India deputy governor Anand Sinha has said that mobile banking technology is the hottest area of development at the moment and is expected to complement and to an extent replace the credit/debit card system in future. BS

News Roundup: Mohandas Pai To Launch $100M PE Fund
Pai, former board member at Infosys who quit in June this year, is starting the fund with Manipal Group’s Ranjan Pai. DNA

TN govt to create venture fund for entrepreneurs
The govt has set aside Rs 100 cr for MSMEs in the jute industry. The number of such units in Tamil Nadu is the largest among all states in the country, accounting for 15.07 per cent of the national total. BS

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