Microfinance News » Appointment

Subir Gokarn joins RBI as Deputy Governor

Microfinance Focus — Wed, 25 Nov 2009 06:14:09 +0000

Microfinance Focus, Nov. 25, 2009: Dr. Subir Vithal Gokarn has been appointed Deputy Governor of the Reserve Bank of India for three years. He will be the fourth Deputy Governor, the other three being Smt. Shyamala Gopinath, Smt. Usha Thorat and Dr. K.C. Chakrabarty.
As Deputy Governor, Dr. Gokarn will look after the Monetary Policy Department, Department of Economic Analysis and Policy, Department of Statistics and Information Management, Department of Communication and Deposit Insurance and Credit Guarantee Corporation. Dr. Gokarn will also represent the Reserve Bank at the G-20 Deputies’ forum.

Prior to joining the Reserve Bank, Dr. Gokarn was Chief Economist of Standard & Poor’s Asia-Pacific, based in New Delhi.Related Posts:

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UN appoints Dutch Princess Maxima as microfinance advocate

Microfinance Focus — Wed, 23 Sep 2009 02:23:58 +0000

Dutch Princess Maxima (Courtesy: Wikipedia)

Microfinance Focus, Sept. 23, 2009: UN Secretary-General Ban Ki-moon has appointed Dutch Princess Máxima as a special advocate on Inclusive Finance, which he said can spur poverty reduction.
“Your extensive knowledge and expertise makes you a perfect choice for this important undertaking,” Mr. Ban said on Monday. “You will be able to work for the well-being of so many people who need our hands, who need your hands and who need the United Nations.”
Inclusive finance, he pointed out, has a key role to play in making efforts to reach the Millennium Development Goals (MDGs), eight anti-poverty targets with a 2015 deadline.
Princess Máxima was a member of the Advisors Group to the 2005 International Year of Microcredit and a year later she joined the UN Advisors Group on Inclusive Financial Sectors. She was a member of the Group’s Executive Committee and chaired its Working Group on Advocacy.Related Posts:

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Citi Group’s Michael Schlein to head ACCION International

Microfinance Focus — Fri, 11 Sep 2009 04:06:23 +0000

Microfinance Focus, Sept. 11, 2009: ACCION International, a global leader in microfinance, has named Michael Schlein as its new President and CEO. Schlein, President of International Franchise Management at Citigroup, will succeed María Otero, who was recently appointed U.S. Under Secretary of State for Democracy and Global Affairs, said a statement.
Mr. Schlein brings 25 years of experience in international banking and management to ACCION, which provides micro-loans, financial services and business training to the world’s entrepreneurial poor. ACCION currently works with partner microfinance institutions in 23 countries, and last year reached over 3.7 million poor clients with small working-capital loans, savings accounts and other financial products.

As President of Citigroup’s International Franchise Management unit, Mr. Schlein helped manage the bank’s network of 100 Chief Country Officers. Prior to it, Mr. Schlein was in-charge of Citi’s Human Resources and Global Corporate Affairs. A member of Citigroup’s Operating Committee, he also served as Executive Director of Citi’s Business Practices Committee, and as a Director of Citibank, N.A., Poland’s Bank Handlowy and Citibank Korea, Inc.

Prior to his Citi posts, Mr. Schlein served as Chief of Staff at the U.S. Securities and Exchange Commission, as well as Chief of Staff for the New York City Deputy Mayor for Finance and Economic Development. He began his career in public finance investment banking at Smith Barney.

Mr. Schlein has been involved with microfinance through the Citi Foundation, which has a long history of funding microfinance initiatives. More recently he was in the Executive Committee of ACCION International. Mr. Schlein is on the boards of nonprofit organizations Wildcat Service Corporation and New York Cares. He is a corporate member of the Council on Foreign Relations and serves on the Business Council of the Asia Society.

Mr. Schlein holds a bachelor’s degree in economics and a master’s degree in political science from the Massachusetts Institute of Technology, from which he graduated Phi Beta Kappa in 1984.

“ACCION is enormously fortunate to have Michael take the helm,” said Diana Taylor, ACCION Board Chair. “Not only does he bring the depth and breadth of financial and management expertise that will be instrumental in our global expansion, but he already has an extensive knowledge of the organization.”Related Posts:

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Former Accion chief Maria Otero moves over to US State Dept

Microfinance Focus — Wed, 12 Aug 2009 06:15:25 +0000

Maria Otero

Microfinance Focus, Aug. 12, 2009: Former CEO of the major microfinance organization, ACCION International, Maria Otero, has taken charge as the US Under Secretary of State for Democracy and Global Affairs.
She oversees and coordinates the work of the Bureaus of Democracy, Human Rights and Labor; Oceans, Environment and Science; and Population, Refugees and Migration; and the Office to Monitor and Combat Trafficking in Persons.

“I am proud to have Maria Otero join my team as Under Secretary of Democracy and Global Affairs in order to advance issues crucial to America’s foreign policy,” stated Secretary of State Hillary Rodham Clinton. “I look forward to working with her to address crucial challenges that face our nation and the international community.”

Born and raised in Bolivia, Ms. Otero has extensive management and international development experience. As the former CEO of ACCION, Ms. Otero will bring a wealth of experience to implement the Obama Administration’s agenda on a range of issues under the Democracy and Global Affairs umbrella, said a statement from the US State Department. Ms. Otero’s appointment makes her the highest-ranking Hispanic official at the department.

“It is a privilege to serve the Obama Administration as the Under Secretary of State for Democracy and Global Affairs, and I am deeply honored by the historic nature of this appointment,” stated Ms. Otero. “I look forward to working closely with Secretary Clinton and my colleagues at the State Department to ensure that these issues are elevated and integrated into all facets of our foreign policy and diplomacy.”Related Posts:

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C. Rangarajan to head PM’s Economic Advisory Council again

Microfinance Focus — Wed, 12 Aug 2009 05:00:52 +0000

By Naagesh Naaraayana

Microfinance Focus, Aug. 12, 2009: Former RBI governor and head of the committee on financial inclusion C. Rangarajan has been reappointed as chairman of Indian Prime Minister’s Economic Advisory Council (EAC) for the second time, said a government statement on Tuesday.
Rangarajan headed the committee on financial inclusion before becoming a member of the Rajya Sabha, upper house of parliament, last year. His reappointment will revive the hopes of microfinance community in India to expedite the work on microfinance legislation that is long due.
The Economic Advisory Council advises Prime Minister Manmohan Singh on important policy issues relating to the economic situation. The panel is expected to address key economic issues like rising fiscal deficit, spiralling food prices and drought in the country.
Rangarajan has served as Andhra Pradesh governor and as member of the Planning Commission. He was RBI deputy governor for almost a decade and became its governor in 1991.
Based partly on his recommendations, a microfinance bill was drafted and introduced in parliament in 2007 but has lapsed. Many of the recommendations still hold key to any new bill on microfinance.

RANGARAJAN PANEL RECOMMENDATIONS:

Rangarajan, who headed the panel on financial inclusion, had recommended some major steps to be taken by the government to achieve financial inclusion, which include:
* Different status for microfinance institutions as ‘Microfinance NBFCs’, with easier norms and access to foreign funds.
* At least 80% of the assets of Microfinance NBFCs to be in the form of micro credit.
* The panel suggested that like housing finance and infrastructure companies, MF NBFCs should be given tax concessions, to the extent of 40% of their profits, as a proportion to their business portfolio in excluded districts as identified by Nabard without attracting tax.
* The supervision of MF NBFCs should be delegated to the regulatory ambit of NABARD by the RBI.
* MF NBFCs may also be allowed to become business correspondents of banks for providing savings and remittance services.
* The formation of a National Mission on Financial Inclusion comprising representatives from all stakeholders (the RBI, Central and State governments) to achieve financial inclusion within a specific time frame.Related Posts:

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Nilekani takes over as head of India’s Unique Identification Authority

Microfinance Focus — Thu, 23 Jul 2009 09:19:47 +0000

MicrofinanceFocus, July 23, 2009: Infosys co-founder Nandan Nilekani took over as head of the Unique Identification Authority of India (UIAI) on Thursday with a mandate to create a national database of identity details of citizens.
The task ahead of Nilekani is to provide a unique indentification card to every citizen of India. This card will contain all details like the name, sex, address, marital status, photo, identification mark and finger biometrics by 2011. It can be used as a voter I-card or as a proof for opening a bank account and to get benefits under numerous welfare schemes like NREGS, Sarva Shiksha Abhiyaan, Food Security Act or get access to bank loans or microfinance, especially for the rural and urban poor.
Nilekani also said Ram Sevak Sharma, a 1978 batch Jharkhand cadre IAS officer, will take over as Secretary and CEO of the organisation and the first set of database will be ready in 12 to 18 months time as announced by Finance Minister Pranab Mukherjee in his budget speech.
Nilekani was appointed as head of UIAI on July 13 and is expected to take few more weeks to get a team together to carry out the task.

MicrofinanceFocus, July 23, 2009:Related Posts:

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Craig Newmark joins Palestine-centric microfinance institution LendforPeace.org

Microfinance Focus — Wed, 22 Jul 2009 08:55:16 +0000

MicrofinanceFocus, July 22, 2009: Craig Newmark, Internet entrepreneur and founder of the classified advertising website Craigslist, announced on Wednesday that he has joined the advisory board of a new microfinance website LendforPeace.org which helps users to make loans to specific entrepreneurs in the West Bank.
Newmark said, “I believe that economic development is one of the ways that we can lay the groundwork for political stability in the Middle East. LendforPeace.org is helping to advance this cause.”
“We are honored to have Craig Newmark on LendforPeace.org’s advisory board,” said co-founder Allam Taj.
Founded by two Jews and two Palestinians, LendforPeace.org is an innovative non-profit organization taking a grassroots approach to peace building. Through LendforPeace.org’s website, individuals can make small loans to specific entrepreneurs in the Middle East.Related Posts:

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ACCION names Diana Taylor to head its board

Microfinance Focus — Wed, 01 Jul 2009 13:16:30 +0000

MF Focus, July 1, 2009: ACCION International, a private, nonprofit organization, has appointed Diana Taylor as its new chair. Taylor, a fomer managing director at Wolfensohn & Co., a New York-based investment banking firm, has also served as superintendent of banks for the State of New York, from 2003 to 2007. Between 1996 and 2003 she held various positions in the New York state government, including CFO of the Long Island Power Authority and deputy secretary to the governor for housing and finance. Prior to her government work, Ms. Taylor was an investment banker at Smith Barney, Lehman Brothers and Donaldson Lufkin & Jenrette.
Taylor sits on the boards of Allianz Global Investors, Brookfield Properties, FNMA, Sotheby’s, the Hudson River Park Trust and she chairs a Federal Deposit Insurance Corporation commission focused on financially underserved communities, and is a member of the Council on Foreign Relations. Diana is succeeding Alvaro Rodriguez Arregui as ACCION board chair, who will continue to be an active member of the board.
ACCION International provides microenterprise loans, business training and other financial services. A pioneer in microfinance institution, ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions are present in 23 countries in Latin America, Asia, Africa and the United States.Related Posts:

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