SKS Microfinance holds Top Secret Board Meeting

Macroclamps on microdisclosure at SKS board meeting

“I am from Business Standard. Is the board meeting over or still on?” I ask the receptionist at the headquarters of SKS Microfinance Ltd, the sole microfinance institution in the country (apart from being the largest) listed on the stock exchanges.

Taken aback at the unexpected visitor in the forenoon of Friday, the receptionist calls an associate in the company’s corporate communication department to convey that a journalist was enquiring about the board meeting. The associate comes on line, “Sir, we are not planning any press interaction. We might send a press release in the evening.”

sks microfinance board meetingFine, but can you tell me where the board meeting is being held and who all are attending it? I ask. “Sir, we are asked not to disclose anything,” she answers. Can I meet Mr Atul Takle (SKS executive vice president, corporate communications)? No, “he is not in the office at present”.Read the rest on SIFY

MFIs to tweak loan duration

Top five microfinance companies in the country on Friday decided to restructure loans to provide relief to the distressed borrowers.

“The repayment tenure of micro loans is typically around 50 weeks, where the borrower has to pay around `225 per week. However, we are ready to extend the repayment tenure to 75 weeks and the installments could be dropped to around `175 per week,” said Mr Vijay Mahajan, the president of Micro Finance Institutions Network, an industry body representing 44 major microfinance companies. Despite the extended tenure, he said the interest will not be increased. Read more Deccan Chronicle

Animal Farm at the Microfinance Innovation and Impact Conference

At the invitation of Timothy Ogden and Sona Partners, I am covering the Microfinance Innovation and Impact Conference an event co-hosted by Innovations for Poverty Action, the Financial Access Initiative, Moody’s, Deutsche Bank and CGAP. These posts reflect my personal observations and thoughts.

Many of these presentations are new and unpublished, so there will be little opportunity to provide links outside of what is described and shown at the conference. Read the rest on Huffington Post

How The Free Market Tames Greedy Investors

At the height of the dot-com bubble in 1999 Motley Fool had a year-end charitable-donation campaign that introduced me to The Grameen Foundation.

The Foundation, and The Grameen Bank, which are separate institutions, “share the ideas of 2006 Nobel Peace Laureate Muhammad Yunus,” who started the Bank in 1983. Simply put, Yunus’ work in leading the charge behind microcredit is the stuff of modern-day saints. Read more on Forbes

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