Microfinance News Digest

Vikram Akula among highest tax paying businessmen in India

Highest Tax Paying Businessmen in India
The founder of SKS Microfinance paid an advance tax of 14.2 Crore in 2009-2010 which is triple times more than his tax payment in 2008-2009. SI

sks microfinance

SKS Microfin loses 2 major investors
Crisis at SKS Microfinance Ltd took a dramatic turn on Tuesday with two investors – the high profile George Soros-led Quantum (M) Ltd and ICP Holdings I – offloading a majority stake. IBN

3 MFIs Spandana Sphoorty Financial, Share Microfin and Asmitha Microfin decide against merger
Three microfinance firms which had proposed a merger at the time of their debt recast talks with banks in August have now called off the plans, saying it is not feasible. ET

Major players warm up to micro loans
HNIs buy securitised micro loans that yield 13-17%. A few months ago, a big name in the financial world invested Rs 6 crore in securitised loans of micro finance institutions (MFIs). BS

Should micro-financers use psychometric tests ?
Study suggests these tests should be used to measure a loan applicant’s honesty levels. MW

Creation of low-income micro-lending NBFC cleared
The Reserve Bank of India has approved the creation of a separate category of specialised finance companies catering to low-income groups, a move that will make banks more comfortable lending to microfinance institutions (MFIs) and help alleviate some of the pain being felt by the sector. ET

All my start-ups
As a child growing up in Canada, Vinay Gidwaney found the mouse easier to handle than pencils. When boys his age were playing outdoors, he wrote a program that helped fix glitches in computers located far from the PC in his garage. BL

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