South Asia.

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  • Union Bank to Enter Microfinance Arena in AP

    State-owned Union Bank of India (UBI) made its maiden foray into the micro-credit arena Monday (Nov. 22) with the launch of a new scheme covering 20 mandals in Andhra Pradesh, a state where microfinance activities were hitherto the preserve of private companies. "We have decided to lend 20 mandals about Rs 50 lakh each and we would extend this to about 100 mandals in this fiscal, which will be about Rs 50 crore by way of cash credit facility. T...

    Source
    Business Standard (link opens in a new window)
    Region
    South Asia
  • India’s Microfinance Crisis Not a Threat to Banks

    A steep drop in microloan repayment in India does not threaten the health of the nation’s banking system, analysts and regulators say. Many small borrowers in Andhra Pradesh state, which accounts for about a third of India’s microlending, stopped repaying their loans after a government crackdown on unscrupulous lending practices that allegedly contributed to dozens of suicides. Now the crackdown on microlending - small loans typic...

    Source
    ABC News (link opens in a new window)
    Region
    South Asia
  • Aajeevika Founders Win Schwab Award

    New Delhi: Rajiv Khandelwal and Krishnavtar Sharma, founders of the Aajeevika Bureau, a non-profit that works with the migrant workers of south Rajasthan, have won the Social Entrepreneur Award, 2010. The annual award is given by Schwab Foundation for Social Entrepreneurship in partnership with Jubilant Bhartia Foundation. The bureau is headquartered in Udaipur and has offices in Ahmedabad, Jaipur and seven blocks of south Rajast...

    Source
    Livemint.com (link opens in a new window)
    Region
    South Asia
  • Friedman: Do Believe the Hype

    The Hindustan Times carried a small news item the other day that, depending on your perspective, is good news or a sign of the apocalypse. It reported that a Nepali telecommunications firm had just started providing third-generation mobile network service, or 3G, at the summit of Mount Everest, the world’s tallest mountain, to "allow thousands of climbers and trekkers who throng the region every year access to high-speed Internet and video calls using t...

    Source
    The New York Times (link opens in a new window)
    Region
    South Asia
  • Banks support India microfinance lenders

    India’s banking industry has thrown its support behind microfinance lenders after weeks of upheaval and confusion. Major banks like the State Bank of India, Standard Chartered and Citi have all agreed to continue lending to microfinance firms. The multi-billion dollar industry was on the brink of a mass default. ...

    Source
    BBC (link opens in a new window)
    Region
    South Asia
  • Bureaucrats Fight Back in Battle to Help the Poor

    Some microlenders and analysts in the southern state of Andhra Pradesh say that the backlash against the microlending industry is being partly fueled by branches of government that have not been as successful as the private sector at helping the poor. Even N. Chandr...

    Source
    The Wall Street Journal - India RealTime (link opens in a new window)
    Region
    South Asia
  • SKS Microfinance Cuts Lending Rates

    MUMBAI - Indian microlender SKS Microfinance Ltd. Wednesday cut its lending rates to 24.55% on a reducing balance from 26.69% earlier in the southern Indian province of Andhra Pradesh, its spokesperson said. "Earlier in the month, our chairman (Vikram Akula) said that if the government and the central bank wants us to cut rates, we’ll be happy to do so," Atul Takle told Dow Jones Newswires. ...

    Source
    The Wall Street Journal (link opens in a new window)
    Region
    South Asia
  • New Rules in India Sink SKS Shares

    MUMBAI-Shares of SKS Microfinance Ltd., one of the world’s largest microloan companies in terms of borrowers, tumbled on Friday after the southern Indian state of Andhra Pradesh created new restrictions on the microfinance industry in reaction to a recent string of suicides by borrowers. SKS and many of India’s biggest microlenders are based in Hyderabad, the capital of Andhra Pradesh. The state is planning to adopt new rules to govern ...

    Source
    The Wall Street Journal (link opens in a new window)
    Region
    South Asia
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