The Indian government is planning to reintroduce a microfinance bill to Parliament that would significantly impact the regulation of the rapidly growing microfinance industry, which has reportedly been growing at almost 52 percent per year for the last three years in terms of client outreach.
SBI Mutual Fund has launched an equity-based micro-systematic investment plan, called SBI Chota-SIP. The plan, which aimed at low-income households, allows a person to invest in mutual funds with a minimum sum of Rs 100 a month.
India’s Microfinance institutions reached 76.6 million against last year’s 59 million, according to the “State of the Sector Report” released on Monday in New Delhi.Compiled by N. Srinivasan, the report was released as part of the annual Microfinance India Summit 2009.
From the global funders, there was a steady flow of funds though the investment cycles turned a little longer due to credit crisis. India Financial Inclusion Fund (IFIF), an off-shore India-focused equity fund for microfinance companies and enablers, has achieved a final close of $90 million.
The year 2009 may go down as the watershed year for the Indian microfinance industry. Marked by strong growth and pioneering deals the industry is riding high, growing at a rapid pace of 100%-200% year-on-year
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The Board: The Credible Microfinance Pvt Ltd has a Governing Board. The Board is a blend of investor representatives with access to global knowledge and experience with MFIs as well as MF investment funds and with experience in mainstream investment banking, social sector and IT sector. Mr. Khirod Chandra Malick: Managing Director, Credible microfinance Pvt Ltd, a career banker with 25 years experience of working in the Indian financial sector has held some of the senior most and critical positions in the country’s financial system. In a career spanning over more than two and half decades with the State Bank of India, India’s largest commercial bank, Mr. Malick’s experience has been multi-level and wide ranging, on different facets of formal banking as well as nor formal financial institution. For the past 18 years, he has worked specifically in development finance, focusing on small business finance, microfinance through BISWA, a NGO –MFI by operating 11 states of India; He has promoted Credible Microfinance Pvt Ltd to transfer all the financial activities of BISWA in to a legal entity. He has major share holder in Company by having 65% Shares in equity structure of Credible Microfinance Private Limited Mr. Debabrata Malick: Director having experience in Microfinance Sector along with IT. He spent 4 years as chief system administrator with BISWA, a leading MFI in India and involved in the micro-finance sector in different capacities. Debabrata Malick remains passionate about building and nurturing vibrant and effective institutions. |
The World Microfinance Forum Geneva organized a full day workshop for managers responsible for micro and small loan portfolios. Selected financial institutions from a developed country (Switzerland) and a developing country (Bolivia) presented their respective lending methodologies, and a moderator facilitated an exchange of experiences.
Third World (TW) development is now half a century old and coincides with a period of substantial Northern economic aid to the economies of Third World countries. Despite this assistance, TW poverty continues. This situation has been caused by several critical factors, yet current literature mainly blames the orthodox development approach, which fosters channeling foreign aid and loans through state and para-state agencies.
Nearly three billion people in developing countries have little or no access to formal financial services that can help them increase their incomes and improve their lives. Access to a range of microfinance services—savings, loans, and money transfers—enables poor families to invest in enterprises, better nutrition, improved living conditions, and the health and education of their children. It is also a powerful catalyst for women’s empowerment.