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Mainstreaming gender lens capital solutions for women-led SMEs

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Mainstreaming gender lens capital solutions for women-led SMEs

By Trina Roy India currently has more than 8 million women-led businesses that represent 13.76 % of all businesses in the country as estimated in the Sixth Economic Census. With improved education outcomes, targeted interventions by the government and private sector, and other socio-economic factors; women entrepreneurship has witnessed a rise over the last couple of years. States such Tamil Nadu, Kerala, Andhra Pradesh, West Bengal and Maharashtra have the highest share of women entrepreneurs.

Applying a gender lens to budgetary allocations, the government as an impetus to promote women led entrepreneurship has taken certain steps. These have included measures such as expanding the Women SHG interest subvention programme to all districts, making one woman in every SHG eligible for a loan up to 1 lakh under the MUDRA Scheme, among others.

While these are welcome moves by the government to ease the access to finance challenge – an acute challenge faced by women entrepreneurs, the time is right to initiate conversation about bigger reforms.

Gender Lens Investing (GLI), an approach to promote social and/or economic empowerment of women, in addition to financial returns has gained traction in the past years. Adopting the GLI approach, investors seek to channel debt and equity to businesses that create positive gender outcomes through various strategies. Some of these include supporting women as entrepreneurs, investing in development of products and services benefiting women, and channeling capital in businesses having a high share of women employees and in their value chains.

For India to unlock the potential of women entrepreneurship, concerted strategies to catalyze GLI and develop effective financing products for MSMEs (Micro, Small and Medium Enterprises) in particular will be critical. In this article we explore how the GLI philosophy is applied to supporting women entrepreneurs, specifically in the SME sector.

Supporting women led SMES through targeted demand driven financing approaches and products lies at the heart of transforming the capital access scenario for women entrepreneurs in India. Depending on the type of scale and sector of an enterprise, multiple approaches can be explored.

First, after assessing the sector and sub sector category of MSMEs, tailored financing products combined with capacity building support can be developed. Majority of women led enterprises being subsistence businesses do not typically attract capital from investors or banks. Many of these women-led SMEs in India operate in sectors such as textile and handicrafts, food processing, beauty and wellness and are overwhelmingly concentrated in the micro and small scale business segment. Their particular needs are significantly different from high growth businesses to which the traditional start up ecosystem caters or steady businesses to which banks provide capital support. Bearing in mind their business models and market needs, sector or cluster specific financing products that provide patient capital aligned to growth rates and pay back periods would be instrumental to spur growth.

Second, blended financing products combining different types of capital – debt, equity and grant can also support women-led SMEs in underserved geographies or in sectors with low profit margins. With flexible capital, blended financing products reduce capital costs and can be leveraged effectively to overcome the problem of low returns and high risks; concerns that often limit traditional private sector investments. As an investment structure mixing concessionary and for-profit capital, the Women Entrepreneurs Opportunity Facility (WEOF) is a remarkable example of an effective blended finance product deploying capital to a segment often overlooked by financial institutions and global investors.

Third, innovative structuring of gender financing through development impact bonds, guarantee bonds, soft loans can also be explored to meet the needs of women entrepreneurs in the MSME sector. These serve as effective mediums to bridge social goals and economic returns. Experiments with development impact bonds and outcome bonds are at its nascent stages and have been promising in areas like health and education in India presently.

How would the DIB work? Adapting similar structuring to create a gender focused impact bond would channel private capital toward women entrepreneurship and augment the Government of India’s efforts to promote it. DIBs bring together the public, private and philanthropic sectors and align their interests towards a common set of objectives. Commercial investors pump in capital in a DIB, and the DIB in turn on-lends growth capital at low interest rates to a target women-led SME segment. Over the agreed tenure period, women-led SME repay back the capital with the given interest to the DIB. An independent agency monitors the outcome in terms of scale achieved by the SMEs and on its basis, a donor(s) and/or the government makes a payment to the DIB. Commercial investors are paid back by the DIB using the capital repayment by SMEs and the outcome based payments from the donors or government.

Other experiments including guarantee fund, soft loans, and interest rate subventions are viable alternatives to consider as well. To bring about a paradigm shift, efforts to build capacity and ease capital access must work simultaneously. Serious efforts by both the government and private sector are necessary to steer and mainstream Gender Lens Investing for women entrepreneurs in India.

Going forward, building a strong evidence case for GLI will be an imperative first step. Supporting data-backed research to provide insight into the performance and potential of such SMEs is crucial. Additionally, mapping stakeholders like investors, incubators, experts, enterprises, to identify opportunities of collaboration will strengthen its case. The current measures targeted towards women in SMEs provides the initial boost and is a larger signal for other ecosystem players, specifically the private sector to come forward and build on this momentum.

(Trina Roy is a development strategy consultant at Intellecap.)

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Daily Current Affairs Dated On 10-July-2019

Daily Current Affairs Dated On 10-July-2019 GS-1 Monsoon Break: Why in News? The southwest monsoon, which has seen a vigorous phase over parts of central India, the western coast and eastern India, will likely take a break after July 15, private weather agency Skymet Weather said. About the Break:  The break, which is a routine occurrence during the monsoon in July, will be triggered as a low-pressure system hovering over Uttar Pradesh and adjoining Madhya Pradesh starts to fade away, resulting in a drastic decrease in the rains over the central parts of the country.  Moreover, a trough now passing through the Indo-Gangetic plains would also shift north towards the foothills of the Himalayas, leading to increased rain.  Break monsoon usually occurs when the monsoon trough moves closer to the fotthills of himalayas. Causes:  Indian monsoon is strongly influenced by tropical waves like Madden Julian oscillation which moves across the tropics in the globe. If MJO is unfavourable i.e if MJO is in other basins such as west pacific,Atlantic monsoonal activity in India tends to decrease  Strong typhoons in south china sea/west pacific close to philippines moving in north/north east direction can rob the indian basin of moist south westerlies leading to break monsoon  During break monsoon period, himalayan region including uttarakhand,Nepal and north east region including sub himalayan west bengal and south eastern India i.e Tamil Nadu & south Andhra receive rains  Floods in Assam usually occur in break monsoon period. More number of thunderstorms occur in TN & south Andhra during the same period. If monsoon becomes active, thunderstorms decrease in TN & south Andhra  Break monsoon is mostly observed each year in the month of August than July Daily Current Affairs Dated On 10-July-2019 GS-2 India – Asean Why in News? India – ASEAN Troika Trade Ministers’ meeting was held in New Delhi today for informal consultation on the ongoing Regional Comprehensive Economic Partnership (RCEP). . What is RCEP?  The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six indo-Pacific states with which ASEAN has existing free trade agreements (China, Japan, South Korea, India, Australia and New Zealand).  RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.  In 2017, prospective RCEP member states accounted for a population of 3.4 billion people with a total Gross Domestic Product (GDP, PPP) of $49.5 trillion, approximately 39 percent of the world's GDP, with the combined GDPs of China and India making up more than half that amount.  RCEP is the world's largest economic bloc, covering nearly half of the global economy. Economic Prowess of RCEP;  According to estimates by PwC, the Gross Domestic Product (GDP, PPP) of RCEP member states is likely to amount to nearly $250 trillion by 2050, or a quarter of a quadrillion dollars, with the combined GDPs of China and India making up more than 75% of the amount.  RCEP's share of the global economy could account for half of the estimated $0.5 quadrillion global (GDP, PPP) by 2050. Daily Current Affairs Dated On 10-July-2019 GS-3 Liquidity Situation in NBFCs Context: As per Reserve Bank of India (RBI)’s Financial Stability Report (FSR), released on June 27, 2019, liquidity stress in NBFCs was reflected in the third quarter of the last financial year due to an increase in funding costs and difficulties in market access in some cases. About FSR: Further, despite this, better-performing NBFCs with strong fundamentals were able to manage their liquidity even though their funding costs moved with market sentiments. FSR also states that better-performing companies continue to raise funds, while those with asset-liability management and/or asset quality concerns are subject to higher borrowing costs. Steps Taken to srengthen regulation of NBFC: 1. Open market operations were conducted, in addition to regular Liquidity Adjustment Facility auctions, to inject liquidity in financial markets. 2. The single-borrower exposure limit for NBFCs that do not finance infrastructure was increased from 10 percent to 15 percent of capital funds, up to 31st March 2019. 3. Banks were permitted to provide partial credit enhancement for non-deposit accepting systematically-important NBFCs registered with RBI and HFCs registered with National Housing Bank as per guidelines. 4. RBI reduced the minimum average maturity requirement for External Commercial Borrowings in the infrastructure space raised by eligible borrowers from five years to three years. 5. NBFCs were provided regulatory concessions to enable restructuring of MSME loans. 6. NBFCs with assets over Rs. 5,000 crore have been asked to appoint a Chief Risk Officer to improve the standards of risk management. Daily Current Affairs Dated On 10-July-2019 What are NBFC?  A Non Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business but does not include any institution whose principal business includes agriculture, industrial activity or the sale, purchase or construction of immovable property. Generic medicines: Why in News? With an objective of making quality generic medicines available at affordable prices to all, PradhanMantriBhartiya Jan AushadhiPariyojana (PMBJP) was launched by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India. Objectives of the scheme:  Making quality medicines available at affordable prices for all, particularly the poor and disadvantaged, through exclusive outlets “Pradhan Mantri Bhartiya Janaushadhi Kendras”, so as to reduce out of pocket expenses in healthcare  Under this scheme, dedicated outlets known as Pradhan Mantri Bhartiya Janaushadhi Kendras (PMBJKs) are opened to sell generic medicines at affordable rates. Implementation Agency  BPPI (Bureau of Pharma PSUs of India), under the administrative control of the Department of Pharmaceuticals, Ministry of Chemicals& Fertilizers, Government of India will be the implementation agency for the PMBJP.  BPPI has been established under the Department of Pharmaceuticals, Government of India, with the support of all the Pharma CPSUs for coordinating procurement, supply and marketing of generic drugs through the Pradhan Mantri Bhartiya Janaushadhi Kendras. NLEM: Daily Current Affairs Dated On 10-July-2019  The National List of Essential Medicines (NLEM) is one of the key instruments in healthcare delivery system of a country which inter aliaincludes accessible, affordable quality medicine at all the primary, secondary, tertiary levels of healthcare.  The primary purpose of NLEM is to promote rational use of medicines considering the three important aspects i.e. cost, safety and efficacy.  Furthermore it promotes prescription by generic names.  The list serves as a reference document for correct dosage form and strength for prescribing. Economically Weaker Sections (EWS) Bill Why in News? Articles 15(6) and 16(6) have been inserted in the Constitution, vide the Constitution (One Hundred and Third Amendment) Act, 2019. Purpose of the Amendment:  This enables the State to provide the benefits of reservation on preferential basis to the Economically Weaker Sections (EWSs) in civil posts and services in the Government of India and admission in Educational Institutions.  Accordingly, the provision for 10% reservation to the EWS was implemented by the Government in January 2019.  The data regarding number of persons who have availed benefit of EWS reservation for appointment in Government services till date will be available with DOPT after uploading of data for the current year commence.  Instructions have been issued by the Ministry of HRD for increasing the total number of seats over a period of two years, to provide for 10% EWS reservation, without adversely affecting the proportionate seats of SCs, STs and OBCs. Eligibility:  10% reservation under EWS category is applicable to those persons who are not covered under the existing scheme of reservations for the Scheduled Castes, the Scheduled Tribes and the Socially and Educationally Backward Classes. Daily Current Affairs Dated On 10-July-2019 Feminization of Agriculture: Context: As per Agriculture Census conducted at an interval of every five years by the Department of Agriculture, Cooperation and Farmers Welfare, the percentage of female operational holdings in the country have increased from 12.78 percent during 2010-11 to 13.78 percent during 2015-16. Steps taken in this regard:  Ministry of Rural Development is already implementing a programme exclusively for women farmers namely, Mahila Kisan Sashaktikaran Pariyojana (MKSP), which is a sub-component of Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM).  The primary objective of MKSP is to empower women by enhancing their participation in agriculture and to create sustainable livelihood opportunities for them.  Funding support to the tune of up to 60% (90% for North Eastern States) for such projects is provided by the Government of India.  The Department of Agriculture Cooperation and Farmers Welfare is also promoting mainstreaming of Gender Concerns in agriculture by ensuring flow of funds and benefits to the tune of 30% for women farmers under its beneficiary oriented Schemes and Programmes.  Besides, Government is providing additional support and assistance to women farmers, over and above the male farmers under a few selected Schemes. Garbage at Mount Everest: Why in News? In a bid to save Mount Everest from trash, Nepal conducted a month-long cleaning campaign and collected around 10,000 kg of rubbish from the region. Daily Current Affairs Dated On 10-July-2019 What is being Done?  Instead of sending the solid waste straight to the landfill near Kathmandy, the items were segregated, processed and recycled as raw materials for various products.  They segregated the collected materials in different categories such as plastic, glass, iron, aluminium and textile.  Besides recycling the waste, team is also working with municipalities, hospitals, hotels and different offices to maximise value from waste by recycling, reducing the amount of waste sent to landfills and by creating green jobs.  To make the campaign more effective, the company suggested authorities to set up an initial processing unit in the mountain area itself, so that waste can be segregated immediately and easily managed. Selling products online  Though the company does not recycle the materials itself, it upwith another firm called iaDesigns upcreate up-cycled glass bottle products and to sell them online.  Glass products are trendy and useful for homes home, offices, restaurants and hotels.  They are used as decorative items as a flower vase, candle cover, plates, travel cups, regular drinking glasses or as an accessory.  These products, which range from 350 Nepalese rupees to 2,000 Nepalese rupees ($3 to $18), are bacteria free as they are sterilized.  These glass items have also been a means of livelihood for local women who shape them into trendy designs.

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Ordinance to Ban Unregulated Deposit Schemes: Bridging the Regulatory Gap

[Anirban Roy Choudhury is a banking and finance lawyer and an LL.M. (Finance) candidate at the Institute for Law and Finance, Goethe University Frankfurt]  

In spite of various legislation, including the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and the Chit Funds Act, 1982, being in place throughout the last few decades, various entities regularly lured the unwary public with very high returns and tempted them to invest in their Ponzi schemes. The Securities and Exchange Board of India (SEBI) also attempted to tackle the situation by introducing the Securities and Exchange Board of India (Collective Investment Scheme) Regulations, 1999. However, financial scams continued to be reported from various parts of India on a regular basis, of which the Sharda scam originating in West Bengal is a glaring example.

It was clear that most of these Ponzi schemes and financial scams were orchestrated by entities who were completely outside the purview of the regulatory matrix. As a result, the Standing Committee on Finance (2015-16), chaired by Dr. M. Veerappa Moily, in its report dated September 21, 2015, proposed the introduction of a comprehensive regulatory framework for governing all activities involving acceptance of deposits from the public. A high level Inter-Ministerial Group was thereafter mandated to identify the gaps in the existing regulatory framework. The Inter-Ministerial Group, keeping in mind the suggestions of the Standing Committee, proposed the enactment of a comprehensive umbrella legislation aimed at criminalizing any form of promotion, advertisement, solicitation or acceptance of unregulated deposits. In view of the recommendations of the Standing Committee and the proposal of the Inter Ministerial Group, the Government of India promulgated the Banning of Unregulated Deposit Schemes Ordinance, 2019 (the ‘Ordinance’) on February 21, 2019.

Objectives of the Ordinance

The Ordinance is aimed at clearly demarcating deposits into ‘regulated deposit schemes’ and ‘unregulated deposit schemes’ and banning all unregulated deposit schemes. The Ordinance prohibits (i) anyone (being any individual or group of individuals, proprietorship, partnership firm or limited liability partnership, company, association of persons, private or public trust, co-operative society or multi-state co-operative society) from promoting, operating, advertising, soliciting or accepting deposits in connection with any ‘unregulated deposit schemes’, and (ii) fraudulent default in redemption of ‘regulated deposit schemes’ upon maturity.

Pursuant to the Ordinance, regulated deposit schemes include schemes and arrangements stipulated under the first schedule to the Ordinance which are regulated by specified regulatory bodies including, amongst others, SEBI, the Reserve Bank of India, the Insurance Regulatory and Development Authority of India, the National Housing Bank, and the Pension Fund regulatory and Development Authority. Whereas, any scheme or arrangement falling outside the ambit of ‘regulated deposit schemes’ is tantamount to an ‘unregulated deposit scheme’ and are strictly prohibited.

What is a ‘Deposit’ Pursuant to the Ordinance?

There has been much-misinformed outcry that the Ordinance bans all forms of deposits including loans and advance payments. However, that is not true and, although pursuant to the Ordinance deposit includes all monies received by way of an advance or loan or in any other form with a promise to return whether after a fixed tenure or otherwise with or without any interest or profit, it does not include certain types of loans and advance payments.

Section 2(4) of the Ordinance clearly states that, amongst others, (i) loans availed from banks, non-banking financial companies and public financial institutions, (ii) monies availed from foreign banks, foreign governments, multilateral financial institutions, export credit collaborators, etc., (iii) contributions toward partnership capital in partnerships including limited liability partnerships, (iv) loans availed by individuals from relatives or loans availed by partnership firms from relatives of its partners, (v) contributions received by political parties, and (vi) monies (non-refundable) received for the purpose of or in the course of regular business including (a) payments (by way of advance or instalments) received in relation to sale/ hire of any property (movable or immovable) and provision of services, and (b) performance securities deposited for due performance of any contract for supply of goods or provision of services, are outside the purview of the Ordinance and will not be affected by the provisions of the Ordinance. It must, however, be noted that in case of companies receiving any deposits, they will be subject to the definition of ‘deposit’ under section 2(31) of the Companies Act, 2013 read with the provisions of the Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time, and ‘deposits’ as defined under the Ordinance will not be applicable to them.

Central Database and Sharing for Information

The Ordinance proposes to establish a repository for storing all relevant details about deposit takers operating in India. Accordingly, it provides for the setting up of an online database by an authority so designated by the Central Government. All deposit takers are required to report to the said authority such details in such manner as may be prescribed. Any default in complying with the mandatory reporting requirement will call for a fine which may extend up to INR 500,000.

It must be noted that only deposit takers engaged in accepting ‘deposits’ as defined under section 2(4) of the Ordinance are required to comply with the said reporting requirements. Therefore, deposits, loans and advances exempted under the said section 2(4) are not required to be reported. However, companies accepting deposits under chapter V (Acceptance of Deposits by Companies) of the Companies Act, 2013 are required to comply with the said reporting requirements. Further, every State Government is required to appoint a competent authority in terms of section 7(1) of the Ordinance (the ‘Competent Authority’), who shall have the same powers as vested in a civil court under the Code of Civil Procedure, 1908. The Competent Authority can, if it is of the opinion that any entity is soliciting or accepting deposits pursuant to any unregulated deposit schemes, seek such further information from such entities as it may consider necessary.

The Ordinance also provides for sharing of information and mandates the Competent Authority to share all information received from the police in connection with any unregulated deposit scheme with the Central Bureau of Investigation (‘CBI’). The Ordinance also requires the government, regulators, the income tax department and other investigation agencies, in case it has any information or document pertaining to any offence under the Ordinance being investigated by the police or the CBI, to share such information or document with the police or CBI, as the case may be.

Restitution Mechanism, Offences and Penalties

The Ponzi schemes in the past managed to swindle monies collected by them and it has been extremely difficult for authorities to recover such monies from the defaulters. In order to overcome this challenge, the Ordinance provides for a restitution mechanism and proposes to attach properties of the defaulting deposit takers and repay the depositors from its proceeds.

It is also relevant to note that the Ordinance, subject to the provisions of the SARFEASI Act, 2002 and the Insolvency and Bankruptcy Code, 2016, places claims of depositors in priority before all other outstanding debts and tax liabilities. Further, a provisional attachment order passed by the Competent Authority pursuant to the Ordinance will, to the extent of the claims of depositors, have priority over attachment order(s) passed by any other authority.

The Ordinance also requires State Governments, in consultation with the Chief Justice of the concerned High Court, to appoint one or more courts presided by a judge not below the rank of a district and sessions judge or additional district and sessions judge to be the designated court (‘Designated Court’). The Designated Court(s) shall have the exclusive jurisdiction to adjudicate matters in connection with the provisions of the Ordinance.

The Ordinance has paved the way for stringent penalties, including imprisonment, for anyone involved in soliciting or accepting deposits pursuant to any unregulated deposit scheme, both of which are cognizable and non-bailable offences. According to section 21 of the Ordinance, anyone who solicit deposits pursuant to any unregulated deposit scheme will be liable for imprisonment for a minimum term of one year (and maximum, five years) together with a fine of minimum INR 200,000 (and maximum, INR 1 million). Moreover, if they accept from anyone such deposits, they will be liable for imprisonment for a minimum term of two years (and maximum, seven years) together with a fine of minimum INR 300,000. Further, in case such deposit taker defaults in repayment of the deposits, they will be liable for imprisonment for a minimum term of three year (and maximum, ten years) together with a fine of minimum INR 500,000 (and maximum, twice the aggregate amount of deposits collected).

The Ordinance also criminalises any default in redemption of regulated deposit schemes. Pursuant to section 22, in case of any such default, the deposit taker will be liable for imprisonment for a term of up to seven years and/or fine of minimum INR 500,000 which may extend up to INR 250 million or three times the amounts of profits generated from such default, whichever is higher.

For repeat offenders, the penalties are even more stringent and includes imprisonment for a minimum term of five years and fine of INR 1 million which may extend up to INR 500 million. Further, in case where the deposit takers are not individuals, all persons who at the time were in charge of its affairs will be deemed guilty of the offences.

Way Forward

Two issues that have been especially harrowing since the time the idea of the central legislation was floated are the treatment of (i) loans received from relatives and (ii) advance payments received by real estate companies. Section 2(4) of the Ordinance makes it abundantly clear that such loans and advance payments are not ‘unregulated deposit schemes’ and therefore will not be affected by the provisions of the Ordinance. However, it must be noted that while all form of loans from relatives (‘relatives’ having the same meaning as ascribed under the Companies Act, 2013) are outside the purview of the Ordinance, only advance payments received by a real estate company towards an actual sale of an immovable property is outside the purview of the Ordinance. Therefore, only amounts received for a designated transaction is allowed and such amount can only be adjusted against the future sale consideration. In case the amounts received by such real estate companies are proposed to be returned to the depositor with or without any form of interest, after a fixed tenure or otherwise, such amounts received will tantamount to be ‘unregulated deposits’ and will be barred by the provisions of the Ordinance.

The Ordinance is issued in public interest and its key objective is to prevent unscrupulous persons from luring the unwary and gullible public to invest in their Ponzi schemes. It should not create any roadblock for legitimate business transactions as enough carve-outs have been made in the Ordinance to that effect.

However, while the Ordinance is a step in the right direction and attempts to bridge the regulatory gap and put in place a comprehensive law for tackling unregulated deposit schemes, its success will largely depend on each state government and its agencies who are ultimately responsible for implementing most of the provisions of the Ordinance.

– Anirban Roy Choudhury

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