MACS and Banks offering microfinance not under AP ordinance

Tuesday, November 2, 2010, 23:43 Latest News Add a comment

Microfinance Focus, Nov 02, 2010: Principal Secretary, Rural Development, Govt of Andhra Pradesh, India has informed all RAs (Regional Authorities) across the state that MACS (Mutually Aided Cooperative Societies) do not come under the purview of the microfinance Ordinance which the state government issued on Oct 15. In a message communicated to RAs, the Principal Secretary has said that, no entity registered as a mutually aided ...Full story Tags: AP ordinance

Sa-Dhan organises interface on microfinance COC at NABARD

Tuesday, November 2, 2010, 23:40 Latest News Add a comment

Microfinance Focus, Nov 2, 2010: With an objective to develop a sense of comfort and confidence among the stakeholders with regard to the operations of the microfinance institutions, industry association Sa-Dhan organized an interface on Code of Conduct today at NABARD office, Hyderabad. According to a statement made by Sa-Dhan to its members few days before, Agenda of the meeting was to reinforce their commitment to ...Full story Tags: interface on microfinance

Advans SA SICAR incorporates microfinance bank in Tanzania

Friday, October 29, 2010, 16:56 Latest News Add a comment

Microfinance Focus, Oct 29, 2010: Luxembourg based Venture Capital Investment Company, Advans SA has announced the incorporation of its sixth microfinance institution, Advans Bank Tanzania, in the United Republic of Tanzania. It will be the Advans SAs second microfinance institution with a full banking status. The first branch will open in December 2010 in the administrative ward of Manzese in Dar es Salaam, the countrys capital ...Full story Tags: Advans SA, IFC

ADB, Australia to expand microfinance project in Papua New Guinea

Friday, October 29, 2010, 16:36 Latest News Add a comment

Microfinance Focus, Oct 29, 2010: The Asian Development Bank (ADB) and the Australian Government will support a $24 million Microfinance Expansion Project to help rural communities in Papua New Guinea access credit and

financial services. ADB's loan, from its concessional Asian Development Fund, covers 54% of the project cost of $24.06 million. The loan has a 32-year term, including a grace period of eight years. Interest ...Full story Tags: ADB, microfinance in Papua New Guinea

Brinda Karat urges to fix interest rate cap for microfinance institutions

Friday, October 29, 2010, 16:33 Latest News 2 comments

Microfinance Focus, Oct 29, 2010: Brinda Karat, Member of Parliament and Communist Party of India (Marxist) Polit Bureau member called on Andhra Pradesh Chief Minister K. Rosaiah, urged him to fix a cap on the interest rates charged by the MFIs. The ordinance promulgated by the State government will not serve any purpose unless such a provision is made. Criticizing the Union government and the Reserve ...Full story Tags: Brinda Karat, interest rate, microfinance

RBI Sub Committee to examine microfinance lending practices

Friday, October 29, 2010, 13:55 Latest News 2 comments

Microfinance Focus, Oct 29, 2010: The Sub-Committee of the Reserve Banks Central Board of Directors which is chaired by Y H Malegam will examine the prevalent practices of MFIs in regard to interest rates, lending and recovery practices to identify trends that impinge on borrowers interests. The Sub-Committee was set up after the Boards October meeting to study ...Full story Tags: microfinance, RBI, RBI Sub Committee

AP govt forms 4 committees to monitor microfinance institutions

Friday, October 29, 2010, 12:58 Latest News Add a comment

Microfinance Focus, Oct 29, 2010: The Andhra Pradesh government has formed Implementation, Legal, Capacity Building and IT committees for microfinance institutions in the state. These four committees would work to improve the credit flows to self help groups and also put in place an IT system for efficient implementation of the ordinance as

reported by media. According to rural development department principal secretary R Subhramanyam, the ...Full story Tags: Andhra Pradesh Government, microfinance institutions, shgs

IFC may invest $10m in Credito Real to expand microfinance in Mexico

Friday, October 29, 2010, 11:58 Latest News Add a comment

Microfinance Focus, Oct 29, 2010: World Banks financial arm, International Finance Corporation has proposed an investment in Crdito Real, S.A. de C.V. (CR) a finance company which is fast moving into microfinance in Mexico. The proposed project is a Credit Line for up to MXN 130 million (USD 10 million equivalent) for IFCs account. The proceeds from the credit line will be used to increase, ...Full story Tags: Credito Real, IFC, Mexican micofinance

IFC makes $3m equity investment in LACs mobile banking firm

Friday, October 29, 2010, 11:55 Latest News Add a comment

Microfinance Focus, Oct 29, 2010: International Finance Corporation (IFC), a member of World Bank Group has made its first equity investment in a mobile banking firm in Latin America and the Caribbean region by making an equity investment of $3 million in Panamas YellowPepper, a mobile banking firm. IFC has also helped in mobilizing an additional $2 million for the company to expand mobile banking and ...Full story Tags: IFC, Mobile Banking

NGO based microfinance institutions to form Association in AP

Thursday, October 28, 2010, 17:47 Latest News 2 comments

Microfinance Focus, Oct 28, 2010: More than 50 NGO based microfinance institutions in the Indian state of Andhra Pradesh will be meeting on October 31st with an agenda of creating an association of NGO-MFIs in the state, Microfinance Focus has learnt. The need to create such an association has emerged from the growing resentment amongst NGO-MFIs over being clubbed together with profiteering microfinance institutions who are ...Full story Tags: MFIN, NGO-MFIs, sa-dhan, The Andhra Pradesh Microfinance Institutions Ordinance 2010

Microfinance Institutions in Orissa to focus on Transparent Pricing

Thursday, October 28, 2010, 17:42

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Microfinance Focus, Oct 28, 2010: In an attempt to prevent an Andhra like crisis from occurring in Orissa, the Indian microfinance industry association, Sa-Dhan held a chapter meeting in Orrisa on Wednesday. The meeting was attended by more than 20 microfinance institutions operating in the state. As told to microfinance Focus, during the meeting it was decided by the participating MFIs that they will all follow ...Full story Tags: microfinance in orissa, sa-dhan

Govt. of Orrisa may issue guidelines for microfinance institutions

Thursday, October 28, 2010, 16:01 Latest News Add a comment

Microfinance Focus, Oct 28, 2010: Following the foot-steps of Andhra Pradesh government which issued an ordinance to regulate the microfinance institutions in the state, the government of Orrisa is also planning to issue guidelines for its MFIs soon. Microfinance Focus has learnt that the state government will be holding a consultation meeting with MFIs on November 4th and will probably issue a set of guidelines for ...Full story Tags: Government of Orissa, microfinance

Orissa based MFI BISWA reduces interest rates

Thursday, October 28, 2010, 14:31 Latest News Add a comment

Microfinance Focus, Oct 28, 2010: Orissa based Indian microfinance institution BISWA (Bharat Integrated Social Welfare Agency) has reduced its interest rates from 20% to 19% (reducing) with effect from October 25, 2010. Their effective interest rate has now come down to 23.5%. The new interest rate is also adopted by BISWA promoted BISWA Microfinance Pvt. Ltd.(BMPL) and Credible Microfinance Private Limited. The group is currently present ...Full story Tags: biswa, BISWA microfinance

SKS Microfinance slashes interest rates in Andhra Pradesh

Thursday, October 28, 2010, 11:25 Latest News 4 comments

Microfinance Focus, Oct 28, 2010: SKS Microfinance Ltd has informed BSE that the Company has decided to reduce its annualized rate of interest from existing 26.69% to 24.55%, with immediate effect in the state of Andhra Pradesh. The company is reported to have issued full-page advertisements in vernacular dailies of Andhra Pradesh on Wednesday, announcing the reduction in its interest rates. The interest rates charged by ...Full story