?Our mission is giving loans to the poor?
Tuesday, August 15, 2006
Vikram Akula, CEO of India?s fastest growing microfinance institution, speaks to Ramesh Kandula in Hyderabad about his poverty alleviation plan.
Excerpts from the Interview:
How big is SKS Microfinance in comparison with other such institutions in India?
Today, SKS is the fastest growing microfinance institution in India. It is one of the top five largest microfinance organisations in the nation, and has provided over Rs 320 crore in loans to nearly 260,000 poor women in impoverished regions of India. Last year, SKS achieved nearly 161 per cent portfolio growth, with a current portfolio of Rs.110 crore and a 98 per cent on-time repayment rate. Its goal for this fiscal is to scale to 700,000 clients by March 2007.
In how many states are you present in the country?
SKS is focused on rapidly expanding into as many geographic markets as possible. Our objective is to achieve the “7 by 7 by 7” goal: 700,000 customers and Rs 700 crore disbursement by March 2007.
In order to do this, SKS is in the process of launching new operations in 14 new areas spread across its existing five states (Andhra Pradesh, Maharashtra, Karnataka, Orissa, and Madhya Pradesh) and in six new states (Rajasthan, West Bengal, Uttar Pradesh, Bihar, Jharkhand and Chattisgarh).