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Inclusion Banking to Turn Into Profits Soon: Union Bank
MUMBAI, APR 24: Union Bank of India, the fifth largest public sector lender with over Rs 3.55 lakh crore in assets, has said its financial inclusion project, called the ’new bankable class’, will turn profitable sooner than expected. "Going by our experience with the financial inclusion project, which we call ’banking for the new bankable class’, this will turn in profits sooner than later, especially when the cash transfer facilities under Adhaar s...
- Region
- South Asia
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An Investment That Mixes Profit With Philanthropy
The grey zone of impact investments - which are neither philanthropic grants nor simple for-profit investments - is potentially huge. A report from JP Morgan late last year suggested the potential over the next 10 years, in just five sectors of services for the global poor,...
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Govt’s Microfinance Model Promises to Empower Poor
GANDHINAGAR: At a time when controversy surrounding microfinance institutions charging higher-than-usual interest rates from its poor borrowers - mainly womenfolk - refuses to die down in Andhra Pradesh and some other parts of India , Gujarat government claims to have resolved the issue, coming up with a new model envisaging, to quote a document, "a ...
- Region
- South Asia
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Untying the Knot
Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty. By Abhijit Banerjee and Esther Duflo. PublicAffairs; 336 pages; $26.99. To be published in Britain in June by PublicAffairs; £15.99. Buy from Amazon.com , ...
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Kiva Expands Micro-Loans to Green Businesses
Kiva.org, one of the pioneers in micro-lending to international entrepreneurs, has expanded into a new vertical today- Kiva Green Loans. Green Loans, which can be accessed from a new module on the lend tab, is a new vertical that allows the Kiva community to make loans towards green businesses and individuals who are helping make the transitio...
- Categories
- Health Care
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Grameen FDN, Grameen Capital India announce US$7 MN funding to Cashpor
Grameen Foundation and Grameen Capital India recently announced USD7 million (Rs. 315 million) in funding for Cashpor Micro Credit through a guarantee pool for socially-focused Indian microfinance institutions (MFIs). The financing from IndusInd Bank and another private sector bank in India was backed by US$980,000 in guarantees from Grameen Foundation and arranged by Grameen Capital India. These were the first guarantees to be placed through the US$ 8 million initiative that was ...
- Region
- South Asia
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Bangladesh’s Largest NGO Admits Role in Microfinance Crisis
Bangladesh’s largest network of NGOs - BRAC has admitted fuelling the micro-finance debt crisis together with other microfinance institutions by pushing excess loans to the borrowers. Surplus funds in the absence of proper regulation led to the collapse of the microfinance industry. Dhaka: Lack of regulation and a surplus of donor funds in Bangladesh’s microcredit industry have led to NGOs pushing loans to over-indebted borrowers, says BRAC, the world’s largest develop...
- Region
- South Asia
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Bank of America Donates $1 Million for Social Entrepreneurship
The McDonough School of Business announced Tuesday that it will partner with Bank of America to form the Global Social Entrepreneurship Initiative, a program designed to prepare students to conduct successful socially-conscious business. The Bank of America Charitable Foundation has donated $1 million dollars to Georgetown to support the initiative. The gift is among the largest donations given to the university from the banking industry, according to an MSB press release. Accordi...
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