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Interview with Ramesh Iyer, MD of M&M Financial Services – India’s largest NBFC operating in rural and semi-urban areas.
A transformation is underway in how rural India finances itself. In many parts, multiple income streams are helping reduce dependence on agriculture. Some individuals are buying vehicles to transport goods and people, while others are finding work in government-run infrastructure projects. Banks and finance companies have penetrated deeper into rural India, replacing local moneylenders and finding new business opportunities there. Ramesh Iyer, managing director of Mahindra & Mahindra Financial Services, the biggest non banking finance company(NBFC) in rural India, shares insights on emerging trends with India. Read the full interview at Knowledge@Wharton
Sanjay Nayar to join the Board of Grameen Capital India
Grameen Capital India, today said that it has appointed Sanjay Nayar as a Director on its Board.Sanjay Nayar is the CEO and Country Head for Kohlberg Kravis Roberts & Co (KKR) in India, a leading global alternative asset manager. ET
Nokia to roll out microfinancing schemes in partnership with SKS,Ujjivan and Madura microfinance
Nokia India would roll out microfinancing schemes in Punjab and Haryana in an effort to push its mobile phone penetration in this part of the country and further making mobile phone affordable to the masses.The company has already tied up with microfinanace institutions like SKS Microfinance, Ujjivan and Madura Microfinance.BS
SIDBI records highest ever loan sanction during 2009-10
The Small Industries Development Bank of India (SIDBI) has recorded its highest ever loan sanctions at Rs. 35,521 crore and disbursements at Rs. 31,918 crore during FY 2009-10, with substantial increase in both its indirect as well as direct lending. ET
Kerala Self-help groups diversify from pickle units to IT ventures
From pickle making to IT business, the march of Kerala’s neighbourhood network ‘Kudumbashree’ in the last 12 years is an inspiring story of social and economic empowerment of women.The self-help chain, started on a modest scale in 1998, has grown over the period as one of the mighty women’s movements in Asia with a full-time membership of 3.7 million, engaged in an array of gainful activities. HT
NABARD to promote organic farming.10,000 farmers to be integrated in the 1st phase
Giving a big boost to the State’s organic farming sector, the National Bank For Agriculture and Rural Development (NABARD), Kerala has decided to promote organic farming in the State through banks and NGOs.
The Bank plans to promote organic farming through joint liability groups (JLGs),’’ said NABARD Kerala chief general manager K C Shashidhar. IE
Where to look for money – How can SME’s get funding ?
Getting institutional finance might have been a problem for small and medium enterprises (SMEs) in the past, but there are now several avenues for SMEs to explore to access the same. Besides the SME lending products of all banks, there are several government schemes and also many organisations catering specifically to SMEs and helping them gain easy access to money.BW