First-ever microfinance ‘bank’ to begin operations
From tomorrow, poor women in Andhra Pradesh will be able to access micro-credit within 48 hours after applying for a loan. The rate of interest to be charged is 13 percent, half of what is being charged by the microfinance institutions at present, thanks to a new microfinance ‘bank’ labeled ‘Stree Nidhi’. HBL
Women’s bank to extend Rs 1,100 cr microloans
Sri Nidhi, the cooperative bank being launched tomorrow exclusively for women self-help groups (SHGs) and as an alternative to microfinance institutions in Andhra Pradesh, will be extending Rs 1,100 crore microloans to its members in the first year. BS
Citi increases its microfinance work across Asia
While most banks across Asia seem to be focusing on the high-net-worth market in Asia, some are also concentrating on the promising mass market. Most view licenses in China as an opportunity to capitalize on the China Dream; others see microfinance as a means to build long-standing relationships across the region. FA
Microfinance: Baseless report. Really?
By Sucheta Dalal – Consulting Editor – Moneylife
Rural customers must understand products: RBI
To attract the rural masses and meet financial inclusion targets, banks are offering no-frills accounts with in-built features like remittance, micro-credit, and micro-insurance. However, the regulator is concerned about the risks that banks may be exposed to, in case customers do not understand the product. BS
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