Government has sent a communication to all regional rural bank chairmen and chief executives of their sponsor banks to execute the decision
Sources said that Madura had a few other suitors including a mid-sized MFI.
Madura Microfinance was founded by late banker-turned-entrepreneur KM Thiagarajan and is now run by his non-resident Indian, neuro scientist daughter Tara Thiagarajan.
RBI raised repo rate by 25 basis points to 6.5% on August 1, for second time in a row.
The bank said the loss was due to higher provisions on account referred to bankruptcy courts by the NCLT.
The Department of Financial Services (DFS) has finalised it Monday at a meeting with senior officials of National Bank for Agriculture & Rural Development and nationalised banks, which own 50% in RRBs.
The MFI has squeezed its loan share to 24% in Uttar Pradesh nd less than 10% in Madhya Pradesh. Before 2017, about 40% of Satin's business used to come from Uttar Pradesh while it was 15% each from Madhya Pradesh and Bihar.
This was the bank’s 11th consecutive quarterly loss.
The platform enables discounting of invoices of MSME sellers against large buyers through an auction mechanism, helping prompt realisation of trade receivables at competitive market rates.
The bank has about Rs 2000 crore of legacy borrowing which it acquired during its transition from microfinance firm Ujjivan Financial Services.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon