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NBFCs say Reserve Bank of India’s new rules will work against financial inclusion, drive towards unscrupulous moneylenders
On a typical day, Rohit Bokhare makes about Rs 800 taking passengers in his Mahindra Xylo between Saki Naka in Andheri and Adlabs Imagica on the Mumbai-Pune expressway in Raigad district. The 51-year-old defaulted on repayment of the loan he took to purchase the utility vehicle for four months, which led his financier to come inquiring. Shriram Transport Finance, the non-bank finance company that financed the vehicle, last week found his Xylo lying in a garage for repair for 20-25 days, blocking his regular cash flow. To top it up, Bokhare had a repair bill of Rs 20,000-25,000. He couldn't pay the EMIs in the previous months because of family exigencies.
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- Uncategorized
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- South Asia
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Behind 700% Loans, Profits Flow Through Indian Reservations to Wall Street
Joshua Wrenn needed money to make the January payment for his Jeep Cherokee.The truck driver and aspiring country singer in Madison, North Carolina, got $800 within minutes from a website he found on his phone. When he called to check his balance a few weeks later, he was told he had electronically signed a contract to pay back $3,920 to a company owned by an American Indian tribe.
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- Uncategorized
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- lending, mobile finance
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Indian MFIs’ gross loan portfolio rose 47% in Q2 FY15
The loan portfolio in south comprise a third of total.
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- Uncategorized
- Region
- South Asia
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- lending, microfinance
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Credit for all: Increasing women’s access to finance
Women’s need for financial services may actually exceed that of men because they tend to live longer, have lower levels of formal employment, own fewer assets, and have less control over household finances.
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- Uncategorized
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Hivos-Triodos Fund (HTF) Loans $3.1m to India’s IntelleGrow for Loans to Small, Medium-Sized Enterprises
The Hivos-Triodos Fund (HTF), a Netherlands-based microfinance investment vehicle, recently loaned EUR 2.5 million (USD 3.1 million) to IntelleGrow, an Indian nonbank financial company that specializes in making loans to small and medium-sized “social enterprises” in the agriculture, clean energy, education, financial, healthcare, sanitation and water sectors.
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- Uncategorized
- Region
- South Asia
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Ghana’s Fidelity Bank In $3.9m Private Health Partnership With USAID
In a bid to provide funding for private health facilities, top tier Fidelity Bank Ghana Limited and the United States Agency for International Development have signed a $3.9 million deal that will see laon facilities availed for private hospitals and clinics accredited by the country’s National Health Insurance Authority or those seeking NHIA accreditation.
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- Health Care
- Region
- Sub-Saharan Africa
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Red Flags: Over-indebtedness is the yang to microcredit’s yin
While working to understand the experiences of clients suffering from severe over-indebtedness in the U.S., EA Consultants began to consider patterns that have emerged in lesser-developed countries. Barbara Magnoni, EA Consultants’ president, discusses their research and its implications for microfinance.
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- Education
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OPINION: Is social investment bad for the charity sector?
In recent months senior figures in the world of charity have questioned whether social investment is good for the sector. David Ainsworth examines why this new field is facing a backlash.
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- Uncategorized
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- lending, philanthropy