英语 英语 日语 日语 韩语 韩语 法语 法语 德语 德语 西班牙语 西班牙语 意大利语 意大利语 阿拉伯语 阿拉伯语 葡萄牙语 葡萄牙语 越南语 越南语 俄语 俄语 芬兰语 芬兰语 泰语 泰语 泰语 丹麦语 泰语 对外汉语

2013年经济学人 小额信贷蓄势再发

时间:2019-12-02 07:21来源:互联网 提供网友:nan   字体: [ ]


Finance and Economics;Microfinance in India;Road to redemption;The industry is starting to revive;


India'S microfinance sector1 was once touted2 as a saviour3 of the poor and a good bet for investors4. The high point for the industry came when SKS—then India's biggest microfinance company with a $1.2 billion loan book, a third of it in the southern state of Andhra Pradesh—went public in July 2010. The $350m offering was more than 13 times oversubscribed.


Things went downhill fast. Many in the industry admit that runaway5 growth spurred reckless lending to poor Indians. Just months after the SKS listing, Andhra Pradesh's state government accused the industry of strong-arm collection tactics that drove some farmers to suicide. It issued suffocating6 rules; almost all loans in the state were written off; business ground to a halt. But the industry is starting to revive, with regulators in a far more central role.


Microlenders are attracting capital again. Grameen Capital India, a social-investment bank, says $144m of equity7 has been injected into microfinance groups in the past 12 months, more than double the amount in the preceding year. The International Finance Corporation, a multilateral lender, invested $18m in Equitas, a mid-sized group in the southern state of Tamil Nadu. SKS, whose loan book is now worth just $325m, raised $47.5m by issuing shares last year.


Outside Andhra Pradesh microlenders' loan books rose in value by 33% year on year in the third quarter of 2012, according to the Microfinance Institutions Network (MFIN), an industry body. Southern states and the eastern state of West Bengal are new hotspots. Bandhan, a no-frills company based in West Bengal, now has over 4m borrowers and the largest microfinance loan book in the country. Analysts8 say the sector's outstanding loans are now worth $2 billion-3 billion, compared with a peak of around $5 billion during the boom.


India's central bank is behind the renewed confidence. It released national guidelines for microlenders at the end of 2011 and has set up a licensing9 system. Although a bill officially appointing the central bank as the industry's regulator is languishing10 in parliament, these moves have helped stem what M.R. Rao, the boss of SKS, calls a “fear of contagion”, the worry that other states will copy Andhra Pradesh and suddenly draw up new rules.


The guidelines try to draw a line between profits and profiteering. Microlenders' annual interest rates are now capped at 10-12 percentage points above their own borrowing costs, leaving most charging 23-27%. Some charged 40% during the boom; dodgy local loan-sharks, the only alternative source of credit in many rural areas, have even higher rates. Microlenders are also barred from lending to anyone with more than one outstanding loan.


But capping profits may end up harming the neediest borrowers, say lenders. Undertaking11 small transactions in remote areas is not cheap. Chandra Shekhar Ghosh, Bandhan's managing director, says he keeps costs down with one-room branches containing little more than plastic chairs. Alok Prasad, the head of MFIN, warns that others may ditch the hardest-to-reach villages.

但是信贷公司表示限定利率最终可能会伤害到最贫困的借款人群。在偏远地区承办小额交易的成本很高。班丹公司总经理钱德拉-谢卡尔 高希说,为了节约开支,他们的分行只占用一个房间,里面只有几个塑料凳。MFIN的总裁阿洛卡-普拉萨德警告道,要是其他的信贷机构,可能就会放弃那些最难抵达的村落。

Some microfinance firms are looking beyond small, unsecured loans, which the central bank caps at 50,000 rupees ($910) a pop. Equitas last year set up a subsidiary that sells mortgages to poorer customers. Bandhan has similar plans. P.N. Vasudevan, the managing director of Equitas, says his housing loans, starting at 100,000 rupees, involve lower operating costs, in part because mortgage payments often get transferred via banks and do not require collection. If firms start to gravitate towards these lines of business, that could yet again leave the neediest behind.



1 sector yjczYn     
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
2 touted 00151f908b31d984fd20d8b48dba34f3     
v.兜售( tout的过去式和过去分词 );招揽;侦查;探听赛马情报
  • She's being touted as the next leader of the party. 她被吹捧为该党的下一任领导人。
  • People said that he touted for his mother and sister. 据说,他给母亲和姐姐拉生意。 来自辞典例句
3 saviour pjszHK     
  • I saw myself as the saviour of my country.我幻想自己为国家的救星。
  • The people clearly saw her as their saviour.人们显然把她看成了救星。
4 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
5 runaway jD4y5     
  • The police have not found the runaway to date.警察迄今没抓到逃犯。
  • He was praised for bringing up the runaway horse.他勒住了脱缰之马受到了表扬。
6 suffocating suffocating     
  • After a few weeks with her parents, she felt she was suffocating.和父母呆了几个星期后,她感到自己毫无自由。
  • That's better. I was suffocating in that cell of a room.这样好些了,我刚才在那个小房间里快闷死了。
7 equity ji8zp     
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
8 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家,化验员( analyst的名词复数 )
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
9 licensing 7352ce0b4e0665659ae6466c18decb2a     
v.批准,许可,颁发执照( license的现在分词 )
  • A large part of state regulation consists of occupational licensing. 大部分州的管理涉及行业的特许批准。 来自英汉非文学 - 行政法
  • That licensing procedures for projects would move faster. 这样的工程批准程序一定会加快。 来自辞典例句
10 languishing vpCz2c     
a. 衰弱下去的
  • He is languishing for home. 他苦思家乡。
  • How long will she go on languishing for her red-haired boy? 为想见到她的红头发的儿子,她还将为此烦恼多久呢?
11 undertaking Mfkz7S     
  • He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
  • He is too timid to venture upon an undertaking.他太胆小,不敢从事任何事业。
TAG标签:   2013年听力  经济学人
最新评论 查看所有评论
发表评论 查看所有评论