Andhra Pradesh has taken strong objection to the microfinance companies tapping the capital market.
In a report to the Malegam Committee appointed by the Reserve Bank of India to study the microfinance sector, the state has said that profit-oriented investors funding microfinance institutions should be discouraged. Read more on DNA
Finance panel raps govt for ignoring advice on bank licences
The Standing Committee on Finance has pulled up the government for ignoring its recommendation of giving top most priority to financial inclusion and social banking while formulating plans to issue additional bank licences to private players.
The committee has again asked the government to give utmost importance to outreach banking while granting new licences. It has also asked the government to evaluate the Banking Correspondent model, as it has not found favour with private and foreign banks. Read more on Business Standard
Andhra govt thinking will choke MFIs, say PEs
Private equity (PE) investors are alarmed by the Andhra Pradesh government’s move to bar micro finance institutions (MFIs) from tapping the capital market and PE investments.
They have said this was regressive thinking and would stifle such lending. Read more on Business Standard
SBI NRI facilitation centers to offer Matrimonial Services
Taking innovation to new heights, State Bank of India here today inaugurated country”s first ever NRI facilitation centre which would offer various services, including matrimonial assistance, to its NRI account holders. Read more on Economic Times