Arman Financial Services Limited, a non-banking finance company based in the Indian state of Gujarat, recently announced it is reducing interest rates on its two-wheel vehicle and microfinance loans.
RBL Bank Limited, an institution formerly known as Ratnakar Bank Limited (RBL) that is headquartered in the Indian state of Maharashtra, recently announced its plan to buy a 9.99-percent stake in Utkarsh Micro Finance, a non-banking financial institution based in the Indian state of Uttar Pradesh.
Kotak Mahindra Bank (KMB), a private-sector Indian bank, recently announced plans to acquire BSS Microfinance, a Karnataka-based non-banking financial company run by the Bharatha Swamukthi Samsthe (BSS) Trust, for INR 1.4 billion (USD 21 million)
Although the proportion of zero-balance bank accounts opened under India’s Pradhan Mantri Jan Dhan Yojana (PMJDY) program was reduced from 76 percent in January 2015 to 24 percent as of September 2016, it recently has been reported that this is not due to customer deposits.
“Achieving The Sustainable Development Goals: The Role of Impact Investing;” published by The Global Impact Investing Network; September 12, 2016; 9 pages; available at https://thegiin.org/knowledge/publication/sdgs-impinv
This report profiles impact investors that have leveraged the United Nations (UN) Sustainable Development Goals (SDGs) for the following purposes: (1) as a framework to communicate their social impact goals; (2) to develop new or realign existing investment strategies and; (3) to attract capital from private investors that are new to impact investing.
Event Name: Inclusive Finance India Summit 2016
Event Date: December 5-6, 2016
Event Location: The Ashok Hotel, 50-B, Diplomatic Enclave, Chanakyapuri; New Delhi, Delhi 110021, India
Nandan Nilekani, Co-founder of Infosys Limited; Ratan Tata, Chairman Emeritus of Tata Sons; Vijay Kelkar, Chairman of India’s National Institute of Public Finance and Policy; and R. Venkataramanan, Managing Trustee of the Sir Dorabji Tata Trust, recently announced the launch of Avanti Finance, “a technology enabled financial inclusion vehicle.”
“A Change in Behavior: Innovations in Financial Capability”; published by the Center for Financial Inclusion at Accion; April 2016; 47 pages; available at http://www.centerforfinancialinclusion.org/fi2020/roadmap-to-inclusion/innovations-in-financial-capability
This document describes research aimed at identifying effective interventions for building the financial capability of microfinance customers, specifically as administered by three groups: financial service providers, governments and social service providers.
Successive interest rate cuts by the Reserve Bank of India (RBI) since 2015 have led to decreasing cost of funds for microfinance institutions (MFI) and a reduction in lending rates to end customers.
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.
The Infrastructure Development Finance Company (IDFC) Bank, an Indian for-profit private company providing banking and other financial services, recently acquired Grama Vidiyal Micro Finance, a microfinance institution (MFI) headquartered in the Indian state of Tamil Nadu, increasing its rural and semi-urban customer base by 1.2 million.
Suryoday Micro Finance Private Limited , a non-banking finance company providing microfinance services in India, recently raised INR 1 billion (USD 15 million) from investors including the Infrastructure Development Finance Company (IDFC) Bank; ASK Pravi; the Housing Development Finance Corporation (HDFC) Standard Life Insurance; Arpwood Investment Advisors; Kiran Vyapar, the investment arm of LN Bangur Group; Polaris Banyan Holding and Dr. Aravind Srinivasan .
Developing World Markets (DWM), a US-based asset manager and investment bank, recently announced that it issued loans in February and March 2016 to four unidentified financial institutions serving microentrepreneurs, including a Colombian bank and non-banking financial institutions (NBFIs) in Armenia, India and Nicaragua.
The International Finance Corporation, a member of the World Bank Group, recently announced that it will invest up to INR 1.4 billion (USD 20 million) in Grameen Financial Services Private Limited and INR 3.4 billion (USD 50 million) in Janalakshmi Financial Services (JFS), Bangalore-based microfinance institutions (MFIs).
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).
“A Change in Behavior: Innovations in Financial Capability;” by J. Arnold, E. Rhyne; published by the Center for Financial Inclusion at Accion, JPMorgan Chase & Co; April 2016; 47 pages; available at: https://centerforfinancialinclusionblog.files.wordpress.com/2016/04/a-change-in-behavior-final.pdf
Ujjivan Financial Services, an Indian provider of microloans and life insurance, recently conducted its initial public offering (IPO), generating INR 3.6 billion (USD 54 million) from the sale of newly issued shares.
Equitas Holdings Limited, an Indian microfinance lender, recently opened its primary market sale.