SKS Microfinance Wins CGAP Transparency Award for the Second Year in a Row

SKS Microfinance (SKS) has won a Merit Award for banking accuracy from The Consultative Group to Assist the Poor (CGAP), a analysis of the World Bank.

Hyderabad, India -- SKS Microfinance (SKS, www.sksindia.com) has won a Merit Award for banking accuracy from The Consultative Group to Assist the Poor (CGAP, www.cgap.org), a analysis of the World Bank. In its additional year, the accolade admiring over 175 applicants from 57 countries. Of the 5 winners and 63 arete awardees, alone two were from South Asia and SKS was the alone champ from India.

SKS won based on its acquiescence with all-embracing acknowledgment guidelines, including industry-specific CGAP Disclosure Guidelines and the broadly acclimatized International Financial Reporting Standards. Financial statements were denticulate by 10 reviewers based in Latin America, Africa, the Middle East, Europe, and North America. Each of the reviewers is a accounts or accounting and auditing professional.

“We are accustomed to be accustomed for our charge to banking advertisement and transparency,” said SKS Founder and CEO, Vikram Akula. “We accent such accuracy because it provides affirmation to both basic markets as able-bodied as to our audience that their funds will be cautiously and advantageous managed. As the industry continues to grow, it’s acutely important for all MFIs to accomplish this standard, and we acknowledge CGAP for arch this effort.”

"The institutions that alternate in this year's antagonism are accomplishing added than convalescent the apple of microfinance: They are allowance accomplish microfinance institutions' achievement bigger accepted by the accepted accessible and allowance body added across-the-board banking systems for the poor," said CGAP CEO, Elizabeth Littlefield.

For columnist inquiries amuse contact:
Harrish P.V.
Asst. Communications Manager
SKS Microfinance
+91-40-23298131-41

# # #

sks microfinancesksmicrofinanceunitusconsultative accumulation to abetment the poorcgapworld banksouth asiaindiafinancefinancial reporting

Bookmark -  Del.icio.us | Furl It | Technorati | Ask | MyWeb | Propeller | Live Bookmarks | Newsvine | TailRank | Reddit | Slashdot | Digg | Stumbleupon | Google Bookmarks | Sphere | Blink It | Spurl

---

Vinod Khosla Leads Historic Rs. 11 crores ($2.5 million) Investment in SKS Microfinance

Largest microfinance investment in India to date.

Hyderabad, India -- Vinod Khosla, alternating with added amusing adventure capitalists, the Small Industries Development Bank of India (SIDBI) and SKS’ borrower community, fabricated a Rs. 11 crores ($2.5 million) investment in SKS Microfinance today. The accord is the largest-ever investment in any microfinance academy in India. SKS, whose mission is to accommodate banking casework to the poor, will use the investment to acceptance bartering debt and calibration beat from its accepted abject of 200,000 audience to 700,000 audience in 2006-07.

“I am afflicted with the humans and processes at SKS and am assured that this investment will accredit them to serve even added poor families throughout the country,” said Khosla.

Of the Rs. 11 crores ($2.5 million) investment, Khosla has contributed Rs. 2.1 crores ($470,000) while technology entrepreneurs Ravi Reddy and Sandeep Tungare, co-founders of Vistaar Technologies, accept contributed a accumulated Rs. 2.1 crores ($470,000). The Unitus Equity Fund (UEF) aswell invested Rs 2.1 crores ($470,000). The UEF is managed by a accessory of Unitus, a Redmond, Washington-based all-around microfinance accelerator. In addition, SKS borrowers accept added their accepted investment from Rs 2 crores ($450,000) to Rs 6.5 crores ($1.5 million) and the SIDBI has broadcast its accepted investment from Rs. 50 lakhs ($112,000) to Rs. 1 crore ($225,000).

“SKS is on the acid bend of microfinance, deploying advanced technologies to abate operational and transaction costs. This access will accredit SKS to serve its audience added bigger and accomplish its aggressive goals,” remarked Reddy, a adherent of SKS back its birth in 1998.

“SKS is an industry baton in banking transparency, addition and accelerated growth–they are absolutely the blazon of accomplice we ambition to body able relationships with,” said Geoff Davis, President and CEO of Unitus.

SKS CEO, Vikram Akula, noted, “We are captivated to accept these world-class investors accompany SKS. They accompany abysmal ability of how to calibration companies and SKS will account abundantly from the abilities and acquaintance they have.”

About SKS Microfinance:
Founded in 1998, SKS serves abutting to 200,000 audience in over 3,000 villages advance above 5 states: Andhra Pradesh, Maharashtra, Karnataka, Madhya Pradesh and Orissa. It has a portfolio of $18 million, with a PAR over 30 canicule of alone 2 percent and has consistently accomplished a 250 percent anniversary advance rate, one of the fastest of any microfinance academy in the world. For added advice about SKS Microfinance, amuse visit: www.sksindia.com

About Vinod Khosla:
Vinod Khosla is the founding CEO of Sun Microsystems and a accomplice at Kleiner Perkins. Vinod and several ally founded Khosla Ventures in 2004 and accept apprenticed a allocation of their investment gain to authoritative a absolute amusing impact. For added advice about Khosla Ventures, amuse visit: www.khoslaventures.com

About Ravi Reddy and Sandeep Tungare:
Ravi Reddy and Sandeep Tungare are co-founders of Vistaar Technologies and co-founded Think Systems, a awful acknowledged demand-planning software company, which they awash in 1997.

About Unitus:
Unitus is a global microfinance accelerator that acts as a amusing adventure basic broker for the microfinance industry. As of March 2006, Unitus had eight MFI ally common confined added than 540,000 poor clients. Based in Redmond, Wash., USA, and with an appointment in Bangalore, India, Unitus relies on avant-garde banking instruments and the banking assets of agreeing individuals and foundations to accomplish its mission. For added advice about Unitus and the Unitus Equity Fund, amuse visit: www.unitus.com

Media Contact:
Chris Turillo
Manager, Communications
SKS Microfinance

# # #

Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/SW5zZS1IYWxmLUVtcHQtTG92ZS1IYWxmLVplcm8=

sks microfinanceunitusglobal microfinance acceleratorpoverty

Bookmark -  Del.icio.us | Furl It | Technorati | Ask | MyWeb | Propeller | Live Bookmarks | Newsvine | TailRank | Reddit | Slashdot | Digg | Stumbleupon | Google Bookmarks | Sphere | Blink It | Spurl

---