SKS MICRO FINANCE is on RBI and SEBI's radar. The circus has just began.
SKS MICRO FINANCE(4 posts)
SKS was ranked as the Number 1 MFI in India and number 2 in the world by MIX Market, world’s leading business information provider for MFI industry. Business Week, an international magazine has rated SKS as one of the most influential companies. SKS has received numerous awards including the CGAP Pro-Poor Innovation Award, the ABN-Ambro/Planet Finance Process Excellence Award, Citibank Information Integrity Award, the Digital Partners SEL Award, and the Grameen Foundation USA Excellence Award. SKS is the only MFI in India to receive the MIX Transparency Certification. SKS was selected by Unitus as the most promising microfinance organization in India
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Number one position makes no sense when the business itself is unethical. The poor and the hapless being exploited. The regulator has already stepped in.
Yesterday, there were many incidents where SKS offices were ransacked by the people in rural areas in AP. This morning, Govt of AP promulgated an ordinance prescribing stringent punishment to the micro finance companies and their directors who indulge in illegal means to recover amounts from the rural poor.
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