The Indian Microfinance Lending Machine
Despite all its success, many of its peers feel SKS Microfinance’s aggressive growth has put them on a back foot. Its for-profit image is making regulators deeply uncomfortable. SKS is intriguingly eroding its own messianic image before the world. The controversial decision by its board to sack its CEO barely two months after the IPO has only added to its woes.
“Somewhere they have got lost and they need to revisit their soul,” says Ela Bhatt, founder of Self Employed Women’s Association (SEWA). Former employees agree. “It seems as though the dream Vikram started out with is rapidly turning into an illusion,” says Anna Somos Krishnan, a former SKS executive and now executive director of Planet Finance India, an international NGO for the development of microfinance. Read the rest on Forbes India
Letters: NGOs vs MFIs
The Lunch with BS (“Accidental Tycoon”, October 12) by Kanika Datta got me thinking about the motives of former NGO employee Vikram Akula who is now the founder of SKS Microfinance, India’s largest microfinance institution (MFI). Is he into this for the greater common good or is he a smart businessman masquerading as a messiah of the masses ? Read the rest on Sify
Clinton Global Initiative: Harnessing Human Potential
Some nations have oil, some have ore, and others have rich biodiversity and farmland. But the most valuable resource at the disposal of any nation is its human talent.
Unlike other natural resources, the benefits of human talent are self-sustaining, self-multiplying and contagious. The more we use it, the more we get.
Human talent also adds value to other resources – or creates value where none existed before. Oil would be worthless without human talent to refine the raw material and harness its potential through innovations such as the combustion engine.
Read more on Forbes