The finance ministry is not in favour of revising norms for external commercial borrowing or hiking the limits beyond $500 million in the near future, but will allow micro-finance institutions to tap overseas markets to raise up to $5 million.
The government is set to ask PSBs to expeditiously introduce repo-rate linked products "to step up affordable credit".
Sarkar, who is also the home minister of the state, said his government was keeping a close surveillance on the functioning of the chit funds in the state and had enacted a rule for protection of the depositors.
Pushpal Shinde now earns some Rs 50,000 a month.
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
High loan-to-value and high-yield buckets have reported higher delinquencies
The encampment of protestors started out in the square at the front of the towering St Paul's cathedral, one of London's best loved landmarks.
The new guideline aims at mitigating currency risk attached with the rupee borrowings.
The Reserve Bank of India on Thursday allowed Non-Resident Indians to hedge currency risk for external commercial borrowings (ECBs) denominated in rupees with Indian banks.
He added however that reasonable profit must be there at the bottom of the pyramid as the business has to be self-sustaining
Hiring activities in the non-governmental organisation (NGO) sector have increased over 60 per cent in 2011 compared to 2010, even as they have come under the government scanner for pushing alien agendas in the country.
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
Andhra Pradesh Governor ESL Narasimhan met Congress president Sonia Gandhi on Friday evening to reportedly discuss the administrative and political situation in the state.The two discussed the expansion of the state cabinet, the ordinance on micro-finance institutions, trimming the administration and preparing for political developments after the Justice Sri Krishna Committee submits its report on the creation of Telangana state.
The BJP's manifesto speaks about the Prime Minister's vision of making 'Atmanirbhar Bihar'.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
After micro finance, micro housing is becoming a buzz word. The sector is not only attracting domestic companies, but also luring foreign financial service firms and institutional players.
Only when we are part of the same family, which will happen down the line, then, of course, we will give them (PMC depositors) all the assurance and the comfort.'
Mohammed Yunus is no longer known as the pioneer of micro finance or even a Noble Laureate. He prefers to be now known as a promoter and founder of 'social business.' This is a concept that Prof Yunus believes will help him fulfill his mission -- to remove poverty in a way that its traces are only found in museums.
While banks are not as exposed as the corporate sector during the initial stage of the pandemic, the strain on lenders could ultimately be profound. Banks face a second-order hit compared with the corporate and household sectors.
Bandhan has got fresh equity infusion of Rs 1,020 crore.
Dr Tara Thiagarajan is the chairperson and managing director of the Rs 200-crore (Rs 2 billion) Madura Micro Finance Ltd. She is also the director of Microcredit Foundation of India.
Do these events call for serious introspection about these buzz terms?
You can't ask a current borrower to finance your growth, says RBI memeber Yezdi H Malegam.
The launch of the US-India Economic and Financial Partnership on Tuesday is significant because the two countries have traditionally been wary of opening up their markets and services to each other.
The loan by the banks to MFIs for on-lending to small borrowers will fall under 'priority sector' category if the RBI guidelines are met.
"Bank loans to all MFIs, including NBFCs working as MFIs on or after April 1, 2011, will be eligible for classification as priority sector loans if, and only if, they conform to the regulations formulated by the Reserve Bank," RBI Governor D Subbarao said in the 'Monetary Policy Statement for 2011-12'.
At a time when the Micro Finance Institutions (MFIs) have drawn flak due to steep interest rates charged by them, the Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty has categorically stated that such institutions cannot play any role in financial inclusion.
The Bill's 2007 version covered only MFIs not regulated by the Reserve Bank of India.
MFI tactics have even prompted Andhra Pradesh Cabinet to approve an ordinance to rein them in.
The two parties did not share the deal size but said MavenHive's two founders and 40-odd team members have joined the Bansal-owned firm. MavenHive was started by Bhavin Javia and Anandha Krishnan in 2012.
Micro-finance institutions (MFIs) are planning to take legal action against YES Bank's move to recall a part of its loans to them.
The government on Tuesday said it is not in favour of regulating interest rates charged by micro-finance institutions but emphasised that there should be transparency in amount they charge from the borrowers.
Nobel peace laureate Muhammad Yunus today filed an appeal against the Bangladesh High Court verdict upholding his dismissal from the Grameen Bank, in a final bid to retain his position as head of the pioneering micro-finance agency he founded nearly three decades ago.
Infosys co-founder N R Narayana Murthy on Wednesday said exit of his investment firm Catamaran from SKS Microfinance, which is in the thick of controversies, was legally not possible at this juncture.
Gurumani have been roundly criticised for booking eye-popping profits on share sales of exercised options.
Though fiscal deficit is a concern, the country needed spending to boost the economy hit by financial crisis, she said. Going by the bank's research, Kidwai said India is likely to grow at 8 per cent in next fiscal 2010-11.
The disruptions caused by COVID-19 have more severely impacted small and mid-sized corporates, including NBFCs and MFIs, in terms of access to liquidity.
TDP President N Chandrababu Naidu on Tuesday asked women not to repay loans they secured from Micro-Finance Institutions (MFIs) till the government brought in a regulator to keep a tab on the financing business.
In a bid to stop stop micro-finance institutions (MFIs) from charging usurious rate of interest, the Finance Ministry has asked state-owned banks to ensure that such institutions do not charge a loan rate of above 24 per cent.
A week after SKS Microfinance was listed on BSE, many of the employees are finding themselves in the league of millionaires.
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