02nd Dec 16 Credit deployment to MSME sector falls in October, 2016
Credit deployment of banks to industry including micro, small and medium enterprises has fallen by 4.6 percent during March to October, 2016 period as compared to 0.3 percent during the same period previous year. Key industry sectors such as infrastructure, food processing and gems and jewellery and basic metal products have witnessed significant credit contraction.
24th Nov 16 Microfinance lenders to suffer short term hit due to demonetization
Indian economy is suffering from its biggest currency denomination that affected various micro finance lenders. Shares of Satin Creditcare Networks (micro finance Company) fell by 36 percent. Micro finance companies take a serious short term hit because their operations are largely based on cash that have been severely affected.
23rd Nov 16 Aye Finance raises 10.3 million dollars to provide micro finance to small companies in India
Aye Finance, a two year old start up that provides micro finance to small companies, raised 10.3 million dollars from its own investors SAIF Partners and Accion. Funds were raised to provide micro finance to the small companies in India. Aye Finance operates a network of 31 branches across seven states in northern India.
21st Nov 16 NBFCs, Micro Finance Institutions await RBI directive on old currency
NBFCs and MFIs are waiting for directions from central bank to accept old currency notes after demonetization. Customers are required to pay 20 percent of business finance in advance and rest 80 percent is financed by lenders. Since NBFCs and MFIs have stopped accepting old notes after the currency ban, customers are facing difficulty in financing the required amount that is affecting the business badly.
21st Nov 16 IDFC Bank ties up with SME MaXX to enable Indian SMEs to succeed at E-commerce
SME MaXX announced collaboration with IDFC bank to enable Indian SMEs to set up an effective e-commerce channel for their business. As a part of the deal IDFC will sponsor a series of e-commerce workshops in major Indian cities. SMEs attending the workshops will be trained to set up and manage their own e-commerce channels.
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