SKS Microfinance bags CGAP award

Hyderabad, Jul 20 (UNI) SKS Microfinance had earned merit recognition in the Consultative Group to Assist the poor (CGAP) Financial Transparency Award for demonstrated commitment to Financial Transparency.

A division of the World Bank, CGAP is a consortium of 33 Public and Private Development agencies working together to expand access to financial services for the poor in developing countries.

CGAP Chief Executive Officer Elizabeth Littlefield, in a statement here said in its second year, the CGAP Financial Transparency Award drew 175 applications from 57 countries worldwide. The SKS ranked in the top with 40 per cent of these demonstrating a high-level of compliance with international financial reporting standards.

Founded in 1998, SKS Microfinance was receiving the merit award for the second year and the only microfinance institution in India to be duly recognized.

One of the fastest growing microfinance organizations in the world, SKS had provided over Rs 317 crore by way of loans across 100 branches to 250,000 poor women in Andhra Pradesh, Karnataka, Maharashtra, Madhya Pradesh and Orissa.

The SKS grew by nearly 300 per cent and had a portfolio outstanding of Rs 110 crore. Plans were afoot to replicate this growth rate by expanding to five Northern States in the coming year.

UNI BR ROY SM1905