La Escuela Normal Superior de Manizales presentará la obra musical infantil "Un sueño en la noche de Navidad" el viernes 25 de noviembre en el auditorio de la Universidad Nacional. La dirección estará a cargo de María Cristina Duque Cardona y la entrada será libre.
El documento resume la historia y geografía de La Estrada, una ciudad gallega. Originalmente formada por cuatro casas en una encrucijada de caminos, La Estrada se desarrolló a partir de la fusión de varias jurisdicciones en el siglo XIX. Actualmente, el municipio está formado por 51 parroquias y celebra fiestas como la Festa do Salmón en honor a su patrón San Paio. Una de sus parroquias, Nigoy, limita con otras cinco parroquias y ha experimentado una disminución de p
El documento presenta un saludo inicial y luego invita al lector a hacer clic para una primera prueba, finalizando al indicar que la prueba ha concluido.
This technical article discusses the new JESD204B standard for high-speed data converters and the challenges it presents for testing components and systems. It outlines various tests needed to validate JESD204B devices, including physical layer tests of the analog circuitry, timing tests of the digital circuitry, and protocol tests to validate functions like encoding and error handling. While an official compliance test specification is lacking, the article provides guidance on developing test plans and procedures based on recommendations in related standards.
Pedido #96944 foi adicionado em 12/03/2015 e inclui um Netbook Bak Android 4.1.1 no valor de R$455,00. O pagamento será feito via Bcash e a entrega via PAC para o endereço de José Aparecido ApriGio da Silva em Viçosa, Alagoas dentro de 18 dias úteis, com taxa de entrega de R$43,70, totalizando R$498,70.
La Escuela Normal Superior de Manizales presentará la obra musical infantil "Un sueño en la noche de Navidad" el viernes 25 de noviembre en el auditorio de la Universidad Nacional. La dirección estará a cargo de María Cristina Duque Cardona y la entrada será libre.
El documento resume la historia y geografía de La Estrada, una ciudad gallega. Originalmente formada por cuatro casas en una encrucijada de caminos, La Estrada se desarrolló a partir de la fusión de varias jurisdicciones en el siglo XIX. Actualmente, el municipio está formado por 51 parroquias y celebra fiestas como la Festa do Salmón en honor a su patrón San Paio. Una de sus parroquias, Nigoy, limita con otras cinco parroquias y ha experimentado una disminución de p
El documento presenta un saludo inicial y luego invita al lector a hacer clic para una primera prueba, finalizando al indicar que la prueba ha concluido.
This technical article discusses the new JESD204B standard for high-speed data converters and the challenges it presents for testing components and systems. It outlines various tests needed to validate JESD204B devices, including physical layer tests of the analog circuitry, timing tests of the digital circuitry, and protocol tests to validate functions like encoding and error handling. While an official compliance test specification is lacking, the article provides guidance on developing test plans and procedures based on recommendations in related standards.
Pedido #96944 foi adicionado em 12/03/2015 e inclui um Netbook Bak Android 4.1.1 no valor de R$455,00. O pagamento será feito via Bcash e a entrega via PAC para o endereço de José Aparecido ApriGio da Silva em Viçosa, Alagoas dentro de 18 dias úteis, com taxa de entrega de R$43,70, totalizando R$498,70.
The 2011 Vancouver riots caused $5 million in damage after the Canucks lost game 7 of the Stanley Cup. Angry fans set fires and looted after the loss. While 150 were injured and 100 arrested, the riots revealed the Vancouver Police were unprepared as they did not have enough officers on site initially or establish control early on. Most media coverage and stakeholders blamed the rioters, but reports also noted a lack of police preparation. Recommendations called for better riot preparation in the future.
Curso de TecnologíaTrabajo de cetes julia rauljulygomezperez
Este documento describe la importancia de la contabilidad y las carreras en contabilidad. Explica que la contabilidad es importante para todas las empresas porque les permite controlar sus operaciones financieras y comerciales para ser más productivas. También detalla los diferentes roles en contabilidad como ayudantes, asistentes, secretarias-contadoras, y las conductas que debe adoptar un profesional de contabilidad como puntualidad, honestidad, discreción y responsabilidad.
Mashable Case-Study - Media & Advertising for the Connected GenerationKirsty Donovan
The Chief Strategy Officer at Mashable gives an overview of their humble beginnings, as well as how they used technology & social media to create valuable content that was shareable. For the full video to go with the slides, follow this link: http://bit.ly/1TvrIlc
New low-loss transformers can reduce losses by 30-50% compared to standard transformers. While this can lower energy costs, the upfront cost of the efficient transformers is much higher. It is important to consider the transformer's actual loading profile and costs like HVAC when evaluating the financial justification and savings potential of low-loss transformers. Proper system design focusing on opportunities like outdoor air exchange can further increase the savings compared to just the transformer.
Analisis FODA sobre empresa RIVIUS, C.A.NatashaShiera
El documento presenta un análisis FODA de la empresa Rivius, una distribuidora venezolana de colorantes y utensilios para repostería. Identifica como fortalezas la calidad de sus productos, su distribución exclusiva en el estado Zulia, precios competitivos y variedad de productos, pero también debilidades como la necesidad de inversión, falta de capacidad para cubrir el mercado y planes de contingencia. Entre las oportunidades se encuentran un amplio mercado para expandirse, poca competencia y aumento de la repostería casera,
This document discusses representation as a key aspect of media studies. It defines representation as how media presents the real world to audiences through constructed meanings. A popular form of representation is stereotypes, which overgeneralize groups using easily recognized traits. Stereotypes are useful shortcuts for media producers but can also emphasize differences. The accuracy of media representations depends on selection, organization and focus during the mediation process which constructs our perceptions through techniques like camera angles and lighting.
The document discusses how filmmakers can manipulate audiences' emotional responses through alignment with characters. It explains that alignment is encouraged through techniques like close-ups, sound design, and relatable themes. When audiences are aligned with characters, they are more likely to experience the filmmaker's intended meaning and share emotional responses with other viewers rather than having individual spectator experiences. The document analyzes how films like Platoon use techniques like realistic scenarios and situations to provoke strong, shared audience emotions and readings of the film.
El documento habla sobre los procedimientos disciplinarios legales para el profesor Gerardo Pérez A. Detalla las regulaciones de la Ley Orgánica de Educación sobre los deberes y responsabilidades de los directores de escuelas. También explica conceptos legales como delitos, faltas, atenuantes y agravantes. Además, incluye artículos de la ley sobre iniciar procedimientos, recursos de reconsideración y jerárquicos, y las faltas graves en que pueden incurrir los miembros del personal docente.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
The 2011 Vancouver riots caused $5 million in damage after the Canucks lost game 7 of the Stanley Cup. Angry fans set fires and looted after the loss. While 150 were injured and 100 arrested, the riots revealed the Vancouver Police were unprepared as they did not have enough officers on site initially or establish control early on. Most media coverage and stakeholders blamed the rioters, but reports also noted a lack of police preparation. Recommendations called for better riot preparation in the future.
Curso de TecnologíaTrabajo de cetes julia rauljulygomezperez
Este documento describe la importancia de la contabilidad y las carreras en contabilidad. Explica que la contabilidad es importante para todas las empresas porque les permite controlar sus operaciones financieras y comerciales para ser más productivas. También detalla los diferentes roles en contabilidad como ayudantes, asistentes, secretarias-contadoras, y las conductas que debe adoptar un profesional de contabilidad como puntualidad, honestidad, discreción y responsabilidad.
Mashable Case-Study - Media & Advertising for the Connected GenerationKirsty Donovan
The Chief Strategy Officer at Mashable gives an overview of their humble beginnings, as well as how they used technology & social media to create valuable content that was shareable. For the full video to go with the slides, follow this link: http://bit.ly/1TvrIlc
New low-loss transformers can reduce losses by 30-50% compared to standard transformers. While this can lower energy costs, the upfront cost of the efficient transformers is much higher. It is important to consider the transformer's actual loading profile and costs like HVAC when evaluating the financial justification and savings potential of low-loss transformers. Proper system design focusing on opportunities like outdoor air exchange can further increase the savings compared to just the transformer.
Analisis FODA sobre empresa RIVIUS, C.A.NatashaShiera
El documento presenta un análisis FODA de la empresa Rivius, una distribuidora venezolana de colorantes y utensilios para repostería. Identifica como fortalezas la calidad de sus productos, su distribución exclusiva en el estado Zulia, precios competitivos y variedad de productos, pero también debilidades como la necesidad de inversión, falta de capacidad para cubrir el mercado y planes de contingencia. Entre las oportunidades se encuentran un amplio mercado para expandirse, poca competencia y aumento de la repostería casera,
This document discusses representation as a key aspect of media studies. It defines representation as how media presents the real world to audiences through constructed meanings. A popular form of representation is stereotypes, which overgeneralize groups using easily recognized traits. Stereotypes are useful shortcuts for media producers but can also emphasize differences. The accuracy of media representations depends on selection, organization and focus during the mediation process which constructs our perceptions through techniques like camera angles and lighting.
The document discusses how filmmakers can manipulate audiences' emotional responses through alignment with characters. It explains that alignment is encouraged through techniques like close-ups, sound design, and relatable themes. When audiences are aligned with characters, they are more likely to experience the filmmaker's intended meaning and share emotional responses with other viewers rather than having individual spectator experiences. The document analyzes how films like Platoon use techniques like realistic scenarios and situations to provoke strong, shared audience emotions and readings of the film.
El documento habla sobre los procedimientos disciplinarios legales para el profesor Gerardo Pérez A. Detalla las regulaciones de la Ley Orgánica de Educación sobre los deberes y responsabilidades de los directores de escuelas. También explica conceptos legales como delitos, faltas, atenuantes y agravantes. Además, incluye artículos de la ley sobre iniciar procedimientos, recursos de reconsideración y jerárquicos, y las faltas graves en que pueden incurrir los miembros del personal docente.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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1. MICROFINANCE CRISIS
THE ECONOMIC TIMES NEW DELHI
8 THURSDAY 13 JANUARY 2011
ARINDAM
That Sinking Feeling Microfinance institutions with a sizeable presence in Andhra Pradesh are on the brink of closure
because of the crisis in the sector in the state, report John Samuel Raja D and M Rajshekhar
T
HIS IS IT. WE HAVE CASH TILL THE END OF Andhra drop from Rs 22 crore in September of MFIs is based on high growth paths," says administration in the hinterland was coming
February or early March. If collections do not to Rs 17 crore in October, to `2 crore in Rakesh Rewari, deputy managing director, apart, with rebellions in Punjab and other
pick up by then, we will have to shut down." November, to `1.6 crore in December. The Sidbi. "We are asking them to moderate places. At one point of time, his treasury
This doomsday scenario is prophesised by income and cash shortfall was the first hit for those growth paths." With banks refusing to money could not be moved from Delhi to
Shiv Narain, chief financial officer of MFIs, and will show up in their results from lend more and collections grinding to a halt, Agra. "The focus on conquering the frontier
Spandana Sphoorty Financial, India's second the December quarter. some MFIs are using borrowed funds to kingdoms led Aurangzeb to lose the
largest microfinance institution. For each of January 15 onwards, MFIs will feel the repay banks. Not only is this a violation of hinterland," says Sinha. "The same thing
the last eight years, Spandana reported second hit: provisioning. Under the rules set priority-sector lending norms, sooner rather happened in the microfinance industry, with
growth in excess of 100%. Yet, today, it by the Reserve Bank of India, the central than later, this will run out. big lenders chasing growth and expanding
stands pushed to the brink, by the very state bank, if an MFI does not receive interest aggressively in areas far away from their hin-
that embraced it in the first place: Andhra
Pradesh.
Half of Spandana's Rs 4,000 crore lending
is to borrowers in Andhra. Over the last
three months, says Narain, it has not
income for three months, it has to provide
for 10% of the loan amount. By a crude
calculation, for Spandana, that works out to
be about `133 crore - 65% of its net profit for
2009-10.
W EEKLY ROTATION OF CASH IS
critical to MFI operations — and
profitability. Since they are barred
from taking cash deposits, MFIs functioning
as a non-banking finance company (NBFC)
terland."
High growth has its shortcomings, even in
a sector that services the poor. "You're bound
to acquire garbage when you are driving
growth," says Manmath Dalai, managing di-
received a penny on about Rs 1,300 crore of Unless collections resume, Sinha, rely on three sources of funds: equity and rector of Krishna Bhima Samruddhi Local
those loans. The freeze is the fallout of a state managing director of Micro-Credit Ratings grants, surplus from past operations, and Area Bank. His company, which operates in
law that was drafted in the wake of borrower International Limited (M-Cril), says no loans from banks. According to M-Cril's two districts in Andhra, has repayment prob-
suicides, allegedly because of coercive microfinance player with operations in Microfinance Review 2010, bank loans lems in just 1,000 of its 160,000 borrower ac-
practices of MFIs. The law was intended to Andhra will report profits in the year ended accounted for 71% of MFI funds in 2009-10. counts. Unlike most MFIs, which operate as
check MFI excesses, but it has ended up March 2011 —a first for the industry. What's An MFI borrows from banks at 11-14% NBFCs, Krishna Bhima operates as a bank.
checking all MFI activity. happening in Andhra affects virtually every and lends it on, mostly to poor women, at an "The poor have respect for the bank tag," he
Micro-loan borrowers, mostly poor MFI, in varying degrees. average lending rate of 28%. Even after says. "Also, we were collecting repayments
women, were already distressed because of a Andhra leads all states in micro-loans, accounting for operating expenses, it earns a on a monthly basis."
dip in their incomes and the multiple loans with a share of 35%. Now, it has an generous spread. And that's not the only Most MFIs, though, were dealt a body
BANK IMPACT they were servicing. Cushioned by the new ordinance that requires MFIs to take govern- source of its profits. blow by the ordinance, which effectively
law, provoked by local politicians and ment approval before granting a loan, bans MFIs also profit from rotating the money. barred them from the state. MFIs did not see
emboldened by the prevailing climate of weekly collection of dues, and stops lenders MFIs repay banks on a quarterly or half- it coming, as they were focused on growth,
Profits and Percentages antipathy towards MFIs, they have stopped
repaying. "The industry is based on
from collecting instalment from a borrower's
house. Basically, it makes it almost
yearly basis; however, their borrowers repay
MFIs on a weekly basis. "The profit comes
with banks willing to lend and private equity
(PE) investors ready to invest at generous
Assuming a 35% exposure to Andhra, a back-of-the-envelope expectations," says Sanjay Sinha, whose impossible for MFIs to do business. from the compounding effect, not just by valuations.
calculation for the top 15 lenders shows the impact of a 10% provisioning on company does credit ratings for MFIs. A private banker says MFIs have barely Lending to MFIs enabled banks to meet
their 2009-10 net profit will be minimal, of up to 6%. But a 100% "When borrowers expect more loans, they given 100 new loans since the ordinance
SOUNDING DEATH KNELL their 40% priority-sector target. Loans given
provisioning will erode up to 56% of their profit. The situation is especially will repay. But when they know they won't came in. "On November 27, we decided to by MFIs to individuals for up to `50,000
receive more, they will stop repaying." That's test the new process and applied for qualify as priority-sector lending. So, instead
grim for Sidbi, in both scenarios. what a majority of borrowers have done in clearance for 162 loans," says MR Rao, CEO Since October, MFIs have been of subscribing to 5-6% bonds issued by Sidbi,
Andhra, pushing a large, profitable, cash- of SKS Microfinance. "We heard from the seeing a shortfall in interest which also carries the priority-sector tag,
Loan outstanding Net profit Provisioning impact (% of net profit)*
(`cr) (`cr)
rich MFI like Spandana to the edge. government on December 24, saying that income and cash. That's the first banks preferred lending to MFIs at 11-12%.
At 10% At 100% If that's the plight of India's second largest just 29 loans had been approved." T Keshava Kumar, deputy general manag-
Financial institutions
hit. January 15 onwards, MFIs
MFI, half of whose portfolio is locked in er (credit) with State Bank of Hyderabad
will feel the second hit:
Sidbi
State-owned banks
Punjab National Bank
3,808.2
1,069.3
421.0
3,972.6
31.7
0.9
316.6
9.4
Andhra, how are smaller MFIs with an equal
or larger exposure to the state doing? Even
worse. They could tip over anytime. "Our
money for repayment of bank loans will run
out in January," says Kishore Kumar Puli,
B ANKS WILL FEEL THE TRICKLE-
down effect of MFI distress, as the
three-month provisioning rule applies
to them too. According to Nabard, as of
March 2010, the banking sector had lent
provisioning for bad loans.
having low distribution costs," says a
(SBH), says banks that lacked a strong
presence in Andhra lent to MFIs. SBH's
exposure to MFIs, he says, is only Rs 60
crore, that too to the two big ones, SKS and
Spandana. Most of its micro-loan portfolio,
State Bank of India 876.2 11,733.8 0.3 2.6 managing director, Trident Microfin, 70% of `20,000 crore to MFIs. "When the ordinance chartered accountant who has been associat- estimated at around `500 crore, is self-
IDBI Bank 603.6 1,031.1 2.0 20.5 whose Rs 160 crore loan portfolio is in was issued, it was `25,000-28,000 crore," ed with the industry for 20 years. managed or through local area banks, which
Syndicate Bank 527.9 814.3 2.3 22.7 Andhra. "I foresee nothing less than the says Sinha. "Of this, about 35% is in Say, an MFI borrows `1 lakh from a bank hasn't seen an upheaval. "If I have direct
death of the small MFI," says SC Hassain, Andhra." at 10%, with quarterly repayment. The MFI access to customers and all the other
Corporation Bank 370.9 1,181.4 1.1 11.0 president and CEO of Star MicroFin Service On a base of Rs 25,000 crore, that is `8,750 uses the Rs 1 lakh to give 10 micro-loans of business they will generate over time, why
Society, whose entire `20 crore loan crore. If only 20% of that is being serviced, as Rs 10,000 each, for one year, at an interest would I go through a third party?" he asks.
Private banks portfolio is in the state. Crisil says, then Rs 7,000 crore is under rate of 24%. So, it collects `230 as weekly in- If banks lent to meet their priority-sector
HDFC Bank 1,324.0 3,003.7 1.5 15.4 Judgement day is two days away. January stress. A 10% provisioning would mean an stalment from borrowers for 50 weeks — targets, PE funds invested with an over-
AXIS Bank 1,207.8 2,514.5 1.7 16.8 15 will be three months since Andhra issued expenditure of Rs 700 crore by MFIs. For `200 towards principal, `30 towards interest. estimation of market potential. The typical
the contentious 10-page ordinance. In the banks, it could be more if MFIs close down. At the end of the first week, the MFI would MFI business case says India has 225 million
Yes Bank 397.2 477.7 2.9 29.1 lending business, three months is the first Banks face a tough choice. If they don't re- have collected `230 each from ten borrowers, households. About 60%, or 132 million
ICICI Bank 371.5 4,670.3 0.3 2.8 threshold of failure — that's when lenders structure the loans, the MFIs could collapse, or `2,300. But it won't repay the bank for an- households, don't have access to banking
Tamilnad Mercantile Bank 236.1 184.5 4.5 44.8 have to start making provisions for bad saddling banks with huge losses. If they give other 11 weeks. So, the interest MFI earned credit. MFIs have reached 25 million
loans, which reduces their profits. Unless MFIs additional time to repay, they will have in the first week is free capital, which can be households — just one-fifth of the market
normalcy returns in Andhra, for both MFIs to make big provisions. Plus, unless the lent again. Similarly in the second week, the potential.
Foreign banks and banks, the signs are ominous. freeze in Andhra thaws, they can't be sure if MFI will not only earn `2,300 from its Sinha of M-Cril says this is an over-estima-
Standard Chartered Bank 253.5 2,127.0 0.4 4.2 they are throwing good money after bad. On original borrowers, but also `50 from the tion because MFIs cannot function in many
RBS
BNP Paribas
Citibank
166.6
164.2
113.0
-104.9
180.4
860.4
5.6
3.2
0.5
55.6
31.8
4.6 S O FAR, MFIS HAVE BEEN SEEING A
shortfall in interest income and cash,
since October. A report by credit-rating
firm Crisil, released in November, said collec-
Tuesday, the Indian Banks Association, the
nodal industry grouping, asked the RBI to al-
low them to reschedule MFI loans without
the burden of provisioning.
`2,300 it had lent from its first week
collections. With this cycle of growth disrupt-
ed, MFIs are now struggling to repay banks.
parts of India like the entire northeast, hilly
areas, Maoist-affected regions, and some
parts of Punjab and Gujarat. "Take those out
and the market potential is 50-60 million
S
Loan figures as of March 2010; net profit for 2009-10 tions in Andhra had fallen below 20% of the Corporation Bank is one of the rare banks ANJAY SINHA, WHO HAS households," he says.
Since RBS posted a loss in 2009-10, the provisioning impact shows accretion to the loss loan amount due, from 99% just before the still lending to MFIs. "We have not stopped researched poor households, draws on By Sinha's estimation, MFIs have achieved
Source: Status of Microfinance in India 2009-10, Nabard; ETIG Database ordinance was issued. Some MFIs say the lending. And the existing loans have not Mughal history to contextualise the a penetration of 40%. It doesn't merit valuing
collection rate has fallen further. come for renewal," Says RN Pradeep, CMD current crisis in the MFI industry. Sinha, MFIs at 10 times book value, as PE investors
Star MicroFin Society is a small NGO-MFI, of Corporation Bank. But several others who claims to have a limited knowledge of did. "The problems would not have arisen if
with a loan portfolio of Rs 20 crore in have stopped. "Banks are not giving us any history, scopes in on Aurangzeb, the Mughal 35% returns were not promised to PE guys,"
Kurnool and Ananthapur districts in money at all," says Hassain of Star MicroFin. emperor who ruled for half a century, till his says Dalai. "Why do you need them if you
Andhra. It has 35,000 borrowers, 100 staff "Even in the longer term, I do not think they death in 1707. About 30 of those 50 years, want to contain growth at the rate at which
members and 11 branches. "In our 15 years, will give any money to smaller MFIs. They says Sinha, Aurangzeb spent conquering capital comes in?" Even as MFIs and investors
MFI IMPACT we always had 100% repayment," says will lend only to larger MFIs, who are at the Golconda, which is near Hyderabad and far realise this, it might be too late for a small MFI
Hassain. "Now, our repayment is down to root of all this trouble, with multiple lending away from Delhi, his kingdom's capital. like Star MicroFin, maybe even for medium-
zero in urban areas and 2% in rural ones." and client harassment." He eventually won Golconda. But while sized and large-sized MFIs.
The Not Too Bad, The Bad, The Ugly Similarly, Trident has seen its collections in "The fund requirement projection of a lot he was waging that wasteful battle, his With Sangita Mehta
Large MFIs are living on survival instincts, but the medium and small ones are headed for death.
PORTFOLIO (` CR) COLLECTIONS (%) TALKING HEADS
In AP Elsewhere In AP Elsewhere Impact
SKS Microfinance 1,250 3,750 30 99 “Not too bad”
Spandana Sphoorty Financial 2,000 2,000 33 99 Risk of closure
This is it. We have cash till the When borrowers expect more
Trident Microfin 128 32 5 95-99 Bankruptcy by Jan-end end of February or early loans, they will repay. But
SWAWS Credit Corporation 75 25 1 Normal Liquidity risk remains high March. If collections do not pick up when they know they won't receive
Star Microfin 20 0 2 Not applicable On the verge of closure by then, we will have to shut down. more, they will stop repaying.
Portfolio of SWAWS is as of September 2010; for others, it is current
Collections are as a percentage of loans. For SWAWS, it is for November 2010; for others, it is current SHIV NARAIN, Chief Financial Officer, SANJAY SINHA, Managing Director,
Source: SWAWS information and impact is from CARE ratings press release; others is from the respective company management Spandana Sphoorty Financial Micro-Credit Ratings International