Vikram Akula’s inside story of SKS Microfinance will remain untold
Tuesday, June 19, 2018
By Tamal Bandyopadhyay
The untold story of the creation, near-destruction and the resurgence (under a new management) of the world’s second listed microlender, SKS Microfinance Ltd, may not see the light of the day. Micro-Meltdown, written by SKS founder Vikram Akula, once the poster boy of Indian microfinance, is a gripping tale of what it takes to build a world-class financial institution and how to destroy it. However, it is only his side of the story.
The content of the book allegedly violates the confidentiality and separation agreement signed by Akula at the time of quitting SKS. This agreement does not allow Akula to say what happened at board meetings leading to his ouster. Its publication both in the US and India is, therefore, on hold and legal teams of both sides have been discussing the way forward.
Rechristened Bharat Financial Inclusion Ltd (BFIL), SKS is now being merged with IndusInd Bank Ltd.
Photo courtesy of Peter Haden.