Chandra Shekhar Ghosh, Chairman and Managing Director of Bandhan Financial Services said the microfinance company would apply for a banking license with the Reserve Bank of India (RBI). Consulting firm Deloitte will advise the Kolkata-based microfinance company (MFI) on the application formality. The MFI has 45 branches and a customer base of 2.6 million in unbanked rural areas
Tag: microfinance
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Microfinance sector said to be attracting funds
Microfinance sector is said to be attracting funds from investors like private equity, venture capital funds as risk appetite in the sector improved. One of the reason for the return of investor confidence in the sector is the 40 per cent growth in the gross loan portfolio of NBFC-microfinance institutions (NBFC-MFIs) during 2012-13, sources said. For a long time after the Andhra Pradesh Ordinance of 2010, credit growth of MFIs remained
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Experts point to issues in microfinance sector
Experts and industry observers highlight some of the issues in the Indian microfinance industry which impede the ability of the microfinance model to eradicate rural poverty. Notable among them is small size of micro credit provided by microfinance institutions (MFIs) which makes investment unprofitable. Some experts argue that unless loans