Microfinance News Digest

Vikram Akula likely to step down soon – News Digest

Vikram Akula may step down as SKS head
Owing to stakeholder pressure, Vikram Akula, founder of SKS Microfinance Ltd may soon step down as its chairman. Sources said Akula was likely to once again assume a non-executive role in the company. IBN

 Vikram Akula

vikram akula resign

RBI tightens return filing format for NBFCs
The Reserve Bank of India (RBI) today tightened the return filing format for non-banking financial companies (NBFCs) under which they would have to make disclosures about their deposit and lending activities to the central bank more frequently. BS

Banks like ICICI, HDFC and Axis scrap personal surety clause in MFI debt-recast
ICICI Bank, HDFC Bank and Axis Bank are among lenders that have scrapped personal guarantee clause to bail out four microfinance companies, but they could be on the hook in the Rs 7,000-crore debt restructuring if business prospects do not improve dramatically. ET

Microfinance | Weighing growth, vulnerabilities
The crisis that started in the southern state took a toll on all MFIs. Repayment rates fell to as low as 5-10% in Andhra Pradesh and there was adverse impact on other states as well. LM

How can America serve better the millions of citizens outside the financial mainstream?
TWO years ago Sabina sold flowers on the street from a shopping trolley. Today she has her own storefront in Queens, thanks to a $1,500 loan from Grameen Bank, a microfinance institution best known for its work in developing countries. TE

MFI’s likely to recast loans for Andhra borrowers
The state government planning to ask commercial banks to assist microlenders in restructuring loans given to distressed debtors. LM

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