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Ananya Birla: The real work starts now Ananya Birla announces Chaitanya India acquisition, remembers decade-long journey; Harsh Goenka says proud of my little girl

The acquisition, valued at Rs 1,479 crore, positions Svatantra as the second-largest Non-Banking Financial Company-Microfinance Institution (NBFC-MFI) in India.

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Ananya Birla: Svatantra Microfin completes acquisition of Chaitanya India Fin Credit

Svatantra Microfin has completed the acquisition of Navi Group s subsidiary, Chaitanya India Fin Credit, making it the second largest NBFC-MFI in India. The deal, valued at Rs 1,479 crore, was announced in August. The acquisition is positive for the microfinance sector and Svatantra, as it gives strategic outreach in South India.

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Guarantees for MFI loans to kickstart lending in rural areas, say experts

Guarantees for MFI loans to kickstart lending in rural areas, say experts
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Micro loans with over 30-day dues up to 11% in December 2020, shows data

Loans with over 30-day dues shot up to 10.9 per cent (of gross loans) in December 2020 from 2.42 per cent a year ago for micro credit extended by finance companies, mainly due to the Covid pandemic, Microfinance Institution Network (MFIN) data showed. According to MFIN, loans with over 30-day dues were at 2.51 per cent in September. Industry executives said besides moratorium on repayments (during March-August), the Reserve Bank of India allowed restructuring of loans and finance firms did not recognise dues then. The clear picture about pain is emerging now. There is a genuine repayment problem for many due to economic hardships owing to the pandemic. This is more so with old loans. Some skipped repayments hoping another round of assistance, impacting credit discipline, said officials.

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Janakalyan eyes assets of Rs 350 crore

Janakalyan eyes assets of Rs 350 crore The Calcutta-based NBFC-MFI is also planning to expand into new markets such as Chhattisgarh and eastern Uttar Pradesh next fiscal Sidbi Venture Capital-backed non-bank microfinance institution (NBFC-MFI) Janakalyan Financial Services Private Limited has set its sights on an asset base of around Rs 350 crore by 2021-22. The Calcutta-based NBFC-MFI is also planning to expand into new markets such as Chhattisgarh and eastern Uttar Pradesh next fiscal following a dose of capital infusion by Bhubaneswar-based investor Sun Tech City Pvt. Ltd, which picked up a 12 per cent equity stake. Sun Tech becomes the second institutional investor in the microlender after Sidbi Venture Capital.

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