by Michelle Fleming -

MICROFINANCE PAPER WRAP UP: “Understanding the Impact of Demonetization on Bank Account Holders from Low Income Households,” Published by IFMR LEAD

This is a summary of a paper by Preethi Rao, Suraj Nair and Shruti Korada; published by Leveraging Evidence for Access and Development (LEAD), a unit of the Institute for Financial Management and Research (IFMR); April 2018, 46 pages, available at:
http://ifmrlead.org/wp-content/uploads/2018/08/IFMR-LEAD-Demonetization-Study-Final-Report.pdf

This study reviews the short- and long-term impacts on low-income households resulting from the demonetization of Indian currency in 2016. The authors collected data

by Sharanya Madhavan -

MICROCAPITAL BRIEF: IFMR Investment Managers Raising Third Debt Fund, IFMR FImpact Medium Term Microfinance Fund

The Institute for Financial Management and Research (IFMR) Investment Managers, a unit of India-based IFMR Trust Group providing investment management services in asset classes that impact the financially excluded, is seeking to raise INR 1 billion (USD 15 million) for a debt fund called IFMR FImpact Medium Term Microfinance Fund to invest exclusively in microfinance firms.

by Kevin van den Brink -

MICROCAPITAL BRIEF: India’s Janalakshmi Sells $7.5m in Securitized Microloans to Government-backed MUDRA, Arranged by IFMR Capital

IFMR Capital, an affiliate of the Chennai-based nonprofit Institute of Financial Management and Research (IFMR), recently structured the first capital market transaction for the Micro Units Development & Refinance Agency (MUDRA) Bank, an Indian public-sector financial institution that provides subsidized loans and other services to microfinance institutions (MFIs) and non-banking financial institutions (NBFCs).

by Caroline Zhu -

MICROCAPITAL BRIEF: IFMR Holdings Raises $25m from Accion, LeapFrog, Lok Capital to Accelerate Financial Inclusion in India

IFMR Holdings, an arm of Indian nonprofit IFMR Trust, recently raised USD 25 million from Accion, a US-based nonprofit organization; LeapFrog Investments, a for-profit private equity fund based in Mauritius; and Lok Capital, an India-based microfinance investment vehicle.

by Victor Mugo -

MICROCAPITAL BRIEF: Indian Microfinance Institution (MFI) Janalakshmi Raises $23.5m through Non-Convertible Debentures, Borrows $4.2m from IFMR Capital

Janalakshmi Financial Services, a Bangalore-based microfinance institution (MFI) that offers lending and insurance services to low-income households in India, recently announced that it had raised a total of INR 1.77 billion (approximately USD 27.7 million) through the issuance of non-convertible debentures (NCDs) and an unsecured term loan.

by Simon Pfanner -

MICROCAPITAL BRIEF: Satin of India Borrows $10m over 8 years from WorldBusiness Capital, Facilitated by IFMR Capital

Satin Creditcare Network Limited, a microfinance institution based in Delhi, India, recently borrowed INR 628 crore (USD 10 million) from WorldBusiness Capital (WBC), a US-based lender to small and medium-sized enterprises (SMEs).

by Ananya Tiwari -

MICROCAPITAL BRIEF: CGAP, MasterCard Foundation Award $500k for Behavioral Research to Freedom from Hunger, IFMR, Innovations for Poverty, The MicroInsurance Centre

CGAP (Consultative Group to Assist the Poor), a US-based nonprofit that aims to facilitate the expansion of financial access, and The MasterCard Foundation, a Canadian nonprofit that aims to promote youth learning and financial inclusion in emerging markets, recently awarded a total of USD 500,000 to the following four organizations: Freedom From Hunger, a US-based NGO operating in developing countries to alleviate poverty and hunger; IFMR Finance Foundation, an arm of India’s Institute for Financial Management and Research (IFMR) Trust Group; Innovations for Poverty Action, a US-based nonprofit organization that uses randomized evaluations to research development initiatives; and The MicroInsurance Centre, a US-based, for-profit research, product development and training firm.

by Aliz Crowley -

MICROCAPITAL BRIEF: IFMR Capital of India Launches Collateral Bond Obligation (CBO) Backed by $16m in Non-convertible Debentures (NCDs) Issued by Microfinance Institutions (MFIs)

IFMR Capital, a Chennai-based financial institution that facilitates funding for organizations that serve low-income individuals in India, has launched a collateralized bond obligation (CBO), which it deems the country’s first.

by Aliz Crowley -

MICROCAPITAL BRIEF: IFMR of India Receives Approval to Launch “FImpact Investment Fund”

The Securities and Exchange Board of India (SEBI) has approved the launch of the “IFMR FImpact Investment Fund” (IFMR FImpact), a social-venture scheme managed by IFMR Investment Managers Private Limited (IFMR Investments), the asset management arm of the Chennai-based, nonprofit IFMR Trust Group.

by Meraj Husain -

MICROCAPITAL BRIEF: LeapFrog Invests $29m in Equity in Institute for Financial Management and Research (IFMR) Capital of India

LeapFrog Investments, a for-profit private equity fund based in Mauritius that invests in microfinance, reportedly has invested USD 29 million in return for a minority stake of undisclosed size in the Institute for Financial Management and Research (IFMR) Capital, an Indian non-banking financial company that facilitates funding for organizations that serve low-income people.

by Lena Phillips -

MICROCAPITAL BRIEF: India’s IFMR Capital Pools Loan Assets from 8 Microfinance Institutions, For Trading on Bombay Stock Exchange

IFMR Capital, an affiliate of the Indian nonprofit Institute for Financial Management and Research (IFMR), a private trust that aims to provide Indian enterprises with access to financial services, recently listed a securitized debt instrument on the Bombay Stock Exchange that pooled loan assets from eight microfinance institutions (MFIs).

by Charlotte Newman -

MICROCAPITAL BRIEF: Asian Development Bank, IFMR Capital to Guarantee $27m in Loans from Ratnakar Bank to Microfinance Institutions in India

The Asian Development Bank (ADB), a development finance institution, reportedly is providing partial credit guarantee to loans to microfinance institutions (MFIs) in India.

by Charlotte Newman -

MICROCAPITAL BRIEF: Lok Capital, Proparco Invest $5m in Equity in India’s IFMR Rural Channels and Services

Lok Capital LLC, a Mauritius-based microfinance investment vehicle, and its Proparco, a French development finance institution, have recently invested INR 260 million (USD 5 million) in equity in the Institute for Financial Management and Research (IFMR) Rural Channels and Services, a company of IFMR Trust that provides financial services in rural India.

by Rohan Trivedi -

MICROCAPITAL BRIEF: IFMR Capital Securitizes $15m in Microloans Originated by Indian Microfinance Institutions (MFIs) Asirvad, Disha, Grameen Koota, Mimoza, Satin Creditcare, Suryoday, SV Creditline, Utkarsh

IFMR Capital, a private India-based company that aims to provide liquidity and debt capital to financial institutions that serve poor people, recently securitized a “multi-originator” portfolio of 49,881 loans with a total value of INR 511 million (USD 10.5 million).

by Rohan Trivedi -

MICROFINANCE PAPER WRAP-UP: Micro-loans, Insecticide-Treated Bednets and Malaria: Evidence from a Randomized Controlled Trial in Orissa (India); By Alessandro Tarozzi, Aprajit Mahajan, Brian Blackburn, Dan Kopf, Lakshmi Krishnan, Joanne Young; Working Paper Published by The Centre for Micro Finance, IFMR Research

By Alessandro Tarozzi, Aprajit Mahajan, Brian Blackburn, Dan Kopf, Lakshmi Krishnan, Joanne Young; published by the Center for Microfinance (CMF) at IFMR (Institute for Financial Management and Research); March 2011; 58 pages; available at http://ifmr.ac.in/cmf/publications/wp/2011/Bednets.pdf

by Rohan Trivedi -

MICROCAPITAL BRIEF: IFMR Trust, Manipal Education and Medical Group (MEMG) Join Government of India’s Rashtriya Swasthya Bima Yojana (RSBY) Health Microinsurance Program

IFMR Trust, an Indian nonprofit organization that promotes access to finance, and Manipal Education and Medical Group (MEMG) International Private Limited, an Indian company that operates educational and healthcare institutions, have recently been accepted into the government of India’s health insurance program targeting families below the poverty line (BPL), known as Rashtriya Swasthya Bima Yojana (RSBY).

by Jacqueline Foelster -

MICROCAPITAL BRIEF: IFMR Capital Structures $3.8m Securitization of Microfinance Loans Originated by Ujjivan Financial Services of India

IFMR Capital, an affiliate of the India-based nonprofit Institute for Financial Management and Research (IFMR), recently completed a securitization of approximately 21,000 microloans originated by Ujjivan Financial Services, an India-based microfinance institution (MFI), that is valued at INR 173 million (USD 3.82 million).

by Jacqueline Foelster -

MICROCAPITAL BRIEF: PayMate, Institute for Financial Management and Research (IFMR) Rural Finance Launch Mobile Money Projects in India

PayMate, an Indian mobile payments company, and IFMR Rural Finance, an operating model of the Indian Institute for Financial Management and Research (IFMR) Trust, recently announced an agreement to launch a suite of financial inclusion projects through IFMR’s local financial institutions (LFIs) Kshetriya Gramin Financial Services (KGFS).