SKS Microfinance shares surge nearly 9%

Shares of SKS Microfinance soared nearly 9 percent Tuesday after RBI decided to increase the maximum amount that can be loaned by financial institutions to low-income households.

Next breakthrough to come from micro venture innovation

Citing India's long tradition of grassroot innovations, President Pranab Mukherjee has said the next major breakthrough in the country will come via micro venture innovation finance.

RBI to invite applications for small banks by month-end: Rajan

Addressing micro-financiers at a Nabard function here, Rajan also said that microfinance borrowers should be protected from arbitrary loan pricing.

FII stake in SKS soars to record high of 44.72% in Jul-Sep qtr

Continuing with the bullish stance on SKS Microfinance, foreign investors have hiked their stake in it to all-time high of 44.72 percent during the July-September quarter amid a sharp rise in the company's share price.

'Islamic microfinance market size reaches $1b'

Islamic microfinance is rapidly gaining acceptance in Muslim and non-Muslim countries due to its remarkable success in poverty eradication, a leading industry official has said.

Muthoot Fincorp aims doubling MFI biz to Rs 600 cr in FY14

The diversified group, which nets its maximum income from the gold loan business, started its MFI business in April, 2010. As part of diversification and to offer more focus to the MFI business, the company had bought city-based Pancharatna Securities in January, 2012.

SKS Microfinance eyes Rs 60 crore profit next fiscal

The microfinance institution also aims to disburse around Rs 2,800 crore credit in FY'14, a top company official said.

SKS jumps over 4% to hit upper limit on BSE

Shares of country's only listed microfinance company SKS Microfinance, Tuesday hit the upper circuit limit on the BSE after FIIs hike their stake in the company to record high of 31.77 percent.

Ujjivan raises Rs 47.28 cr from IFC

Ujjivan Financial has raised Rs 45 crores (USD 9 million) equity capital from IFC and an additional Rs 2.28 crore (USD 0.45 million) from FMO (Netherlands Development Finance Company), the company said in a statement.

SKS Microfinance soars over 16%

Shares of SKS Microfinance Monday soared over 16 per cent as the company's net loss narrowed down to Rs 39 crore in the quarter ended June 30.

RBI submits affidavit stating jurisication of AP MFI act

An Andhra Pradesh Law, said to be the root cause of the collapse of microfinance in India and the state in particular, has no jurisdiction over microfinance institutions registered as Non-Banking Financial Company (NBFC), the RBI has told the AP High Court recently.

SKS Microfinance's 248 sacked employees secure jobs

Reeling under a financial crisis, the non-banking finance company had cut its headcount by 1,200 in early May and closed down 78 of its branches in Andhra Pradesh.

MFIs hope for better time ahead on regulatory clarity

The domestic microfinance industry is hopeful of a slow, but steady progress next year, say industry experts.

Some 45 million Indians rose above $1.25 a day: Report

Nearly nine million Indian households, or 45 million individuals, saw their incomes rise above the threshold of USD 1.25 a day, or Rs 56, in the two decades ended 2010, reflecting the success of microfinance, says a survey.

30 suicides in 45 days to escape microfin agents

About 30 persons have committed suicide in the last 45 days, apparently due to the coercive methods of MFIs in Andhra Pradesh, a shocking figure that prompted the state government to issue a special ordinance to rein in the MFIs.

Interest rates on micro loans falling 150 bps annually: Access

Interests rates on micro loans, which stand at over 20% in the country, are falling at an average of 150 bps annually.