Microfinance

Revenue Officials raid Offices of SKS Microfinance and Spandana

Following the kidnapping of a minor girl by agents of a MFI and suicides by two women clients in Andhra Pradesh on Monday, revenue officials raided the premises of two MFIs —Spandana and SKS Microfinance in Madhuravada, Vishakpatnam district on Wednesday.

However, the staff members of these companies told the revenue officials that the records of disbursements and loans outstanding were not available with them for verification.

The revenue officials were forced to return empty handed and told the reporters that they would be submitting a detailed report to the collector. Meanwhile, the district collector of Vishakapatnam, Mr J. Shyamala Rao, conducted a special meeting with the police commissioner, Mr J. Purnachandra Rao, to review the situation and chart out a suitable course of action.raid sks microfinance The police commissioner said that strict action would be taken against those who were resorting to illegal means and methods to collect their funds. He said that action would also be taken against those organisations that are providing loans for interest without a valid licence.

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