Micro-finance expositions held in the maritime regions of Fiji
NDTV takes a look at how the microfinance industry has been literally brought to its knees after the draconian ordinance passed by the Andhra Pradesh government last October. A petition to bring in a stay on the ordinance has been filed by SKS Microfinance but will the government budge remains to be seen.
In an exclusive interview with NDTV, Vikram Akula, executive chairman of SKS Microfinance said despite the company reporting a net loss of Rs 70 crore for Q4, there is no question of insolvency as it has strong networths. He adds that disbursement in Andhra Pradesh in second half of last fiscal has virtually been nil.
The sheen is wearing off fast for the country’s microfinance firms. The story, which started off well with the purpose to achieve poverty alleviation, has now gone horribly wrong. The key to the failure of micro credit stories seems to be the unrestrained selling of cheap credit to poor people, often without proper checks and balances.
Read the Transcript: to.pbs.org A Pakistani program that gives small loans to needy woman is making a difference for those in poverty. Special correspondent Fred de Sam Lazaro reports on the program that focuses on women. It’s part of a partnership with the Undertold Stories Project at St. Mary’s University in Minnesota.