ASA India surrenders microfinance licence, seeks to continue as business correspondent for banks
ASA International India Microfinance, a unit of London Stock Exchange-listed ASA International, has sought to surrender its microfinance licence due to its deteriorating financial health and inability to cope with the associated liquidity concerns.
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The lender has already written to the Reserve Bank of India (RBI) on the licence surrender, the listed firm said in a disclosure to the bourse in London. It now wants to continue merely as a business correspondent for banks.
ASA International, one of the world’s largest international microfinance institutions providing small loans to low-income entrepreneurs across Asia and Africa, also wants to divest its holding in the Indian subsidiary. The plan to surrender the licence aligns with this broader group strategy.
ASA International Holding, Mauritius, holds 90.01% in the Indian arm while IDFC First Bank holds 9.98%. Dirk Brouwer, co-founder and deputy chairman of ASA International holds one share of it.
«On January 16, ASA India informed the Reserve Bank of India of its intention to surrender its microfinance licence,» ASA International said on January 21 in the regulatory filing.
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