Search Result for : Micro Finance

PTI The Telangana Government today signed an MoU with NABARD here for a loan of Rs.874 crore to the Horticulture Development Corporation to cover 3.15 lakh acres under Micro Irrigation scheme for 2016-17 and 2017-18. A Government release quoted Agriculture Secretary Parthasarathi as saying agriculture in the state is rain-fed and about 42.82 lakh acres depend on borewells for irrigation. Due to change in climatic conditions, the ground water level is decreasing and it is the need of the hour for the farmer to use micro irrigation, he said. Parthasarathi said the target for the year 2016-17 under the NABARD project is to cover 2.23 lakh acres allotted to all districts in the state.

Sharath Chowdary Bringing about the concept of financial inclusion once again into our consciousness, Telangana and Andhra Pradesh Governor E S L Narasimhan said that money lending institutions should include technological working to reach out to the poorest of the poor who deserve help in every sense of the term. There is dearth of reaching out to the needy who “die unheard of because they are not able to support their ideas". This was an emotional appeal from the Governor during his inaugural speech at the national summit on microfinance organised by ASSOCHAM in Hyderabad on Tuesday. Microfinance institutions have a greater responsibility in making the ‘Make in India’ initiative successful, Narasimhan said. Laying responsibility on the microfinance institutions in bringing about an ethical change ...

The Dollar Business Bureau IDFC Bank has signed a share purchase agreement on Tuesday to acquire Grama Vidiyal Micro Finance Ltd. After completion of the acquisition, Grama Vidiyal will be a completely owned subsidiary of IDFC Bank. Tamil Nadu-based micro finance firm will act as IDFC Bank’s dedicated Business Correspondent. It will expand the delivery mechanism for the services of IDFC Bank. The acquisition will help IDFC Bank to increase its network and reach to a large customer base in the country. Post-acquisition, IDFC Bank can access Grama Vidiyal’s network of 1.2 million households in 319 rural and semi-urban areas across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh.  With this, the customers of Grama Vidiyal will benefit from IDFC Bank’s ...

The Dollar Business Bureau The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged the government to help farmers who are suffering in oppressive drought, by offloading their bank loan repayments. As part of its relief measures to the drought affected rural population, the government should repay their loans and supply food grains to them at subsidised rates, ASSOCHAM President Sunil Kanoria said. Kanoria expressed this in a meeting with the Governor of Telangana ESL Narasimhan, when discussing issues related to the microfinance sector. The Chairman of Telangana Development Council of ASSOCHAM Srikanth Badiga, Secretary General DS Rawat and Senior Member P Nandgopal also accompanied Sunil Kanoria to the meeting on Tuesday. Expressing his concerns over rural crisis, the industry body ...

 The Dollar Business Bureau By increasing the income cap for the eligibility of a micro-loan borrower as well as the permissible total borrower indebtedness, the Reserve Bank of India (RBI) has indicated its strong support to non-banking financial companies – microfinance institutions ‘(NBFC-MFIs)’ role in financial inclusion. The new move is likely to significantly increase the potential market size without affecting borrowers’ servicing ability and improve operating efficiency of NBFC-MFIs, said a report by the rating agency, India Ratings & Research (Ind-Ra). This move could also be a precursor to expanding NBFC-MFIs’ role in financial inclusion if they maintain and strengthen their underwriting standards. Also, existing MFIs may be tempted to slow down their branch expansion in non-south states, ...

The Dollar Business Bureau The Prime Minister, Narendra Modi has asked the bankers to study the successful micro finance models being followed in other parts of the world and try to adapt them according to the local requirements. Speaking after the launch of the Pradhan Mantri Mudra Yojana aimed at funding the small entrepreneurs of India, Modi said that while there are a number of facilities provided for the large industries in India, there is a need to focus on 5 crore 75 lakh self-employed people who use funds of Rs 11 lakh crore, with an average per unit debt of merely Rs 17,000 to employ 12 crore Indians, reported a PIB release. The Prime Minister said that MUDRA ...