Since India’s SKS Microfinance experienced average losses per quarter of INR 2 billion (USD 37.8 million) during the year ending March 2012, the Indian microlender has been able to borrow approximately INR 10 billion (USD 189 million) from banks.
Search Results for: "SKS Microfinance"
MICROCAPITAL BRIEF: SKS Microfinance of India to Offer Life Insurance
SKS Microfinance, an Indian microfinance institution (MFI), has announced plans to offer an endowment life insurance plan to its borrowers.
MICROCAPITAL BRIEF: India’s Insurance Regulatory and Development Authority (IRDA) Finds “Massive Problems” with Practices of SKS Microfinance
In conducting a set of field inspections, the Insurance Regulatory and Development Authority (IRDA), an Indian supervisory body, reportedly has detected “massive problems” in the handling of insurance by SKS Microfinance, a microfinance institution (MFI) in India.
MICROCAPITAL BRIEF: SKS Microfinance to Cut 1,200 Jobs, Close 78 Branches in Andhra Pradesh, India
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly will terminate 1,200 of 3,400 jobs and shutdown 78 branches in the state of Andhra Pradesh.
MICROCAPITAL BRIEF: India’s SKS Microfinance Completes Securitization Deal Totaling $63m
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly has raised INR 321 crore (USD 63 million) from four undisclosed banks “by selling securities backed by pools of loans to woman borrowers outside its home state of Andhra Pradesh.”
MICROCAPITAL BRIEF: India’s SKS Microfinance Responds To Associated Press Article on Suicides in Andhra Pradesh, Calls Allegations “Baseless”
In reference to the report ‘Lender’s own probe links it to suicides,’ by US-based news service Associated Press (AP), Indian microlender SKS Microfinance, has issued a statement expressing that the allegations that its lending practices may have contributed to customer suicides are “baseless” and simply re-state earlier allegations from 1.5 years prior.
MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) Requires SKS Microfinance to Lend Only Outside Andhra Pradesh
Small Industries Development Bank of India (SIDBI), a governmental loan wholesaler to microfinance institutions (MFIs) in India, has reportedly required that SKS Microfinance Limited (SKS), an Indian MFI, use proceeds of a recent SIDBI loan for on-lending outside of the state of Andhra Pradesh [1].
MICROCAPITAL BRIEF: SKS Microfinance Borrows $20m from Small Industries Development Bank of India (SIDBI), Focuses Efforts Outside Andhra Pradesh
SKS Microfinance Limited (SKS), an Indian microfinance institution (MFI), reportedly has obtained a loan of INR 1 billion (USD 20.1 million) from the government-backed Small Industries Development Bank of India (SIDBI), a loan wholesaler to MFIs in India.
MICROCAPITAL BRIEF: SKS Microfinance Founder Vikram Akula Says “Yunus Was Right” About Dangers of Private Investment to Microborrowers
Vikram Akula, the founder of Indian for-profit microfinance institution (MFI) SKS Microfinance Limited, reportedly acknowledged that Dr Muhammad Yunus was “right” about the challenges of “bringing private capital into social enterprise.”
MICROCAPITAL BRIEF: SKS Microfinance Completes Securitization Deals Totaling $122m
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly has raised INR 354 crore (USD 72 million) from an undisclosed public-sector bank and INR 243 crore (USD 49.6 million) from an undisclosed source.
MICROCAPITAL BRIEF: Internal Documents Collected by Associated Press Implicate SKS Microfinance Staff in Borrower Suicides in Andhra Pradesh, India
Data collected by the Associated Press, a US-based news agency, reportedly implies that top officials of Indian microlender SKS Microfinance have had information implicating company employees in some of the approximately 200 suicides that were reported among poor and debt-ridden residents of the Andhra Pradesh region of India in late 2010.
MICROCAPITAL BRIEF: SKS Microfinance to Further Downsize Workforce, Cap Return on Assets at 3%
SKS Microfinance, a microfinance institution (MFI) in India, reportedly will continue to downsize its workforce as it has been since the enactment of the Regulation of Microlending Act in October 2010 in the state of Andhra Pradesh, which requires government approval of each microloan.
MICROCAPITAL BRIEF: Vikram Akula Resigns from Board of India’s SKS Microfinance
Vikram Akula, the Founder and Chairman of the Indian microfinance institution (MFI) SKS Microfinance, has resigned from its board of directors.
MICROCAPITAL BRIEF: Shares of India’s SKS Microfinance Fall 10% Following Announcement of $78m Loss During Quarter Ending September 2011
SKS Microfinance, an India-based microfinance institution, has reported a loss of INR 3.8 billion (USD 78.4 million) for the quarter ending September 30, 2011 [1].
MICROCAPITAL BRIEF: India’s SKS Microfinance to Raise $184m via Share Sale
The board of Indian microfinance institution (MFI) SKS Microfinance reportedly has approved plans to raise INR 900 crore (approximately USD 184 million) through a qualified institutional placement (QIP), whereby newly-issued shares will be sold to institutional investors [1].
MICROCAPITAL BRIEF: India’s SKS Microfinance Scaling Up Non-Core Businesses of Financing Grocery Stores, Gold Lending
SKS Microfinance is reportedly scaling up its non-core businesses of financing Samgam stores, which are retail grocery stores owned by poor women, and increasing its gold lending operations in efforts to diversify its revenue stream.
MICROCAPITAL BRIEF: SKS Microfinance Reconsidering Business Strategy to Rebuild Reputation
SKS Microfinance, a microfinance institution (MFI) that serves groups of impoverished women in India, is reportedly considering new business growth avenues in an attempt to increase revenue and improve its reputation. Along with collateral-free loans, four new products would be offered: loans using gold as collateral, housing loans, loans to buy mobile phones and loans to local grocery stores in a supply arrangement with the cash-and-carry chain, Metro. “The pilot projects have been yielding very encouraging results,” says Vikram Akula, chairperson and founder of SKS Microfinance.
MICROCAPITAL BRIEF: Paper Gains on Early Investment in SKS Microfinance Largely Evaporate For Sequoia Capital
Since its initial investment in SKS Microfinance, an India-based microfinance institution (MFI), Sequoia Capital, a US-based venture capital firm, has experienced significant gains on paper followed by partial losses of those gains.