Axis Bank evaluating the acquisition route to scale up microfinance business
Axis Bank managing director and chief executive Amitabh Chaudhry said the bank has studied the market but has not found a perfect match yet. "We are evaluating opportunities all the time," he said, adding that the microfinance firms, which are doing well and can be a good fit, are mostly overvalued. "Nothing is on the cards at present."
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The core business of microfinance is reasonably insular to all kinds of cycles.
HR Khan to take charge of microfinance code from December
MFIN wanted a heavyweight for this CRL project, which is a self-regulatory step for a diverse set of lenders engaged in microfinance such as banks, small finance banks, non-banking financial companies (NBFC), NBFC-MFIs and not-for-profit firms.
CreditAccess Grameen to acquire Madura Microfinance
The transaction is subject to the approval of Reserve Bank of India, the Securities and Exchange Board of India and other regulators.
Bumper Issue! Ujjivan SFB IPO overall subscribed 166 times, sees highest subscription in 2019
The Ujjivan Bank is now the best IPO of 2019, overtaking IRCTC issue.
Microfinance GLP jumps 48% to Rs 2 lakh cr in Sept quarter
In the second quarter ended September 2019, the total number of microfinance loan accounts were at 9.79 crore as compared to 7.43 crore account in the year-ago period, according to a quarterly report by Microfinance Institutions Network (MFIN). Since March 2017, an estimated 1.83 crore unique borrowers have been added, which is an average of 0.73 crore per year.
Ujjivan Small Finance Bank’s strong fundamentals offer some safety
Ujjivan Small Finance Bank raised Rs 303.75 crore from anchor investors on Friday.
Stress in rural households and loan defaults create woes for microfinance sector in Assam
Various organisations in the upper part of the northeastern state have joined the chorus seeking an inquiry into the operation of microfinance lenders as several micro borrowers are said to be exposed to high debt. Reports of unrest have come from various districts of Assam. Indebtedness of micro borrowers in Assam is more than double the national average.
The common “Code for Responsible Lending” (CRL) for microfinance has a few big names missing
Bandhan Bank Managing Director Chandra Shekhar Ghosh said that the code in its current form is restrictive for the bank’s business growth. He said the code should have spelt out what should be the ideal business conduct instead of limiting the quantum of loan given by banks.
Nordic Microfinance Initiative raises its investment in Svasti Microfinance
Nordic Microfinance Initiative (NMI) has raised its investment in Mumbai-based Svasti Microfinance while Michael & Susan Dell Foundation and Bamboo Capital Partners have exited in a $10 million share sale which includes both primary and secondary deals. The fresh investment has raised Mumbai-based microfinance’s net worth to Rs 100 crore.
Strong fundamentals make Ujjivan Bank IPO a good bet
The loan book has doubled between March 2017 and September 2019 while deposits improved.
Assam opposition leader Debabrata Saikia wants law to protect poor from microfinance crisis
An internal study conducted by Microfinance Institutions Network (MFIN), which is the self-regulator for the sector, shows that indebtedness of micro borrowers in Assam is more than double the national average while it is four times in five districts of Dibrugarh, Golaghat, Jorhat, Sibsagar and Tinsukia in northern Assam.
Ujjivan Small Finance Bank’s Rs 750-crore IPO to open on December 2
The IPO, with a price band of Rs 36-37 per equity share, will close on December 4.
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