Talk:Bharat Financial Inclusion

Suggestions for edits/ updates to SKS Microfinance
For full disclosure, I am an employee of SKS Microfinance Limited. The intention of suggesting the following edits to the article is so that the article is updated with current publicly available information. The current article has a few important factual inaccuracies and the information contained in certain areas is also very dated. To ensure the article is up to date and correct, I am suggesting the following addition/ editions to some paragraphs and statements.


 * The article on Wikipedia currently states: SKS Microfinance Limited (SKS) is a non-banking finance company (NBFC), regulated by the Reserve Bank of India. (No Source is mentioned for this statement)

My suggestion with sources: SKS Microfinance Limited, which was founded in 1997, launched its operations in 1998 as a non-governmental organization or NGO in the then undivided state of Andhra Pradesh, India. On September 22, 2003, SKS Microfinance Private Limited was incorporated, and the Company was registered as a Non Banking Financial Company (non-deposit-taking NBFC) with the Reserve Bank of India on January 20, 2005. On November 18, 2013, SKS Microfinance Limited (SKS) became a Non Banking Financial Company – Micro Finance Institution (NBFC-MFI), registered and regulated by the Reserve Bank of India.

Ziptrd (talk) 04:49, 2 June 2015 (UTC)

❌ —S MALL  JIM   12:48, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: SKS' mission is to provide financial services to the poor. (No Source is mentioned for this statement)

My suggestion with sources: The mission mentioned on the Company's website is as follows: “Our mission is to provide financial services to the economically weaker sections.”

—S MALL JIM   12:48, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: The Company operates across 19 of 29 Indian states. (No Source is mentioned for this statement)

My suggestion with sources: According to the Company’s latest earnings update for Q4-FY15, SKS Microfinance Limited operates across 17 of 29 Indian states including Odisha, Karnataka, Maharashtra, Bihar, West Bengal, Uttar Pradesh, Kerala, Madhya Pradesh, Rajasthan, Jharkhand, Punjab, Haryana, Chhattisgarh, Uttaranchal,  Himachal Pradesh, Andhra Pradesh and Telangana.

—S MALL JIM   12:48, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: SKS charges an annual effective interest rate between 26.7% and 31.4% for core loan products.

My suggestion with sources: SKS charges 23.55% of annual effective interest rate (excluding processing fee).

—S MALL JIM   12:48, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: At the end of financial year 2010 on 31 March 2011, the company listed a gross loan portfolio of US$925,844,433 with 6,242,266 female active borrowers.

My suggestion with sources: At the end of financial year 2015, on March 31, 2015, the Company reported a gross loan portfolio of Rs. 4,171 crore with 5.3 million women active borrowers.

❌ —S MALL  JIM   12:48, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: The theory is that providing financial services to low-income households helps alleviate poverty.

My suggestion with sources: There are several third-party/ independent studies that highlight the positive and productive impact of microfinance on the poor and unbanked.

An Impact Assessment Survey Report conducted by Michael and Susan Dell Foundation through Delphi Research Services Private Limited between 2010-2013 found that:

"Overall, data…indicated a marked improvement in the lives of a majority of the active customers. The quality of life metrics including the PPI (Progress out of Poverty) scores resonate with the positive well-being of the customers over the three-year period. 87% defined their current state of well-being as “Positive” (Good to Very Good) vs. 60% three years ago.

“Optimism was noted, as 96% of this group reported that they believe their lives ‘will continue to improve in the next three years’ (up from 85% reported in 2010).

“From 2010 to 2013, the average monthly income among all respondents increased by over 51%, after adjusting for inflation.

“There was a substantial increase in the number of self-employed women, from 48% in 2010 to 61% in 2013, and the monthly incomes for these self-employed women rose by an average of 85% over the three-year period, after adjusting for inflation. It was also observed that 81% of customers were able to save money, while only 63% were adopting this behaviour as per 2010/ Round1.

“Additionally, 24% of the customers are now well-protected by a life insurance policy as compared to 16% in 2010.

“On the social indicators, education has also gained importance. 40% of school-going children of customers attend private schools as compared to 28% in 2010, with 12% of them making a shift from government to private schools. Likewise, there was an assuring increase in clients having access to home toilet (84% from 70% in 2010), running water (71% from 54% in 2010) and LPG as a cooking fuel (71% from 55% in 2010), which is a clear sign of social mobility. The PPI Score is 70, up from 57 in the Baseline Survey…The positive impact of microfinance on the well-being of the active customers reiterates the key role which microfinance institutions play to achieve financial inclusion and consequently help alleviate poverty at no cost to exchequer or any other subsidy.”

A study titled ‘The Maturing of Indian Microfinance - Findings and Policy Implications from a National Study’ (2004) conducted by SIDBI found that,

“Microfinance can directly improve access by the poor to finance that supports productive activities and asset development. Micro credit has enabled client households (all wealth ranks, including the poor and very poor) to invest in productive assets (37% of client households invested in the previous two years, compared to 17% non-clients) and to diversify their livelihoods (73% of client households have multiple sources of income, compared to 59% of non-clients). Sixty percent of households, who acquired a productive asset, have reported income increase. On other (non-income) dimensions, client households have been able to build financial capital (savings), physical capital (household assets and improved housing though the difference with non-clients here is not so large) and human capital in terms of sending children to primary school”


 * The article on Wikipedia currently states: In order to prevent the poor borrowers from getting caught in a debt trap by taking loans from loan sharks, the organization charges interest rates that clients are willing to pay to avoid starvation. (No source is mentioned for this statement)

My suggestion with sources: This statement is inaccurate and without any known sources.

Information on SKS Microfinance Limited's interest rates and procedures as reported by Smart Campaign:

SKS charges an interest rate of 23.5% per annum (since October 2014) on a declining basis for the main income generating loan product. The interest rate for cross-sell products such as the mobile and solar is 21.58% and 22.85% per annum respectively. The cross-sell products are priced in a manner so that the total cost of the product is lower than the maximum retail price (MRP).

SKS was able to lower its OER to 9.6% in FY 2013-14 from 14.3% in the FY 2012-13. This was achieved by making concerted efforts to increase staff productivity and streamlining operations. SKS is developing functionalities in its system so that the Credit Bureau check is automated in the loan application process followed by approval or change in the loan amount based on the report. Clients can preclose their loan anytime; no penalty is levied for preclosing the loan.

SKS conducts a housing survey on day 1 of the Compulsory Group Training (CGT) for new clients. Although income and outstanding loan details are collected for all clients, SKS relies on member feedback, Credit Bureau (CB) reports and past history of the member with SKS to approve a loan.

The Branch Manager (BM) and Sangam Managers (SM or loan officer) review all loan applications, discuss the past credit behaviour of the client and accordingly sanction the loan. SKS has zero tolerance policy for violation of RBI limits vis-à-vis the CB reports. BM, ABM as well as internal audit checks for process deviations including regulatory norms on indebtedness. SKS has prudent policies pertaining to parallel loan and renewal of loan in case of foreclosure. Clients managed is only one of the parameters for incentive; staff is also incentivized on quality of member data. The delinquency management policy of SKS details actions to be taken depending on the reason for default. The reasons could be: natural disaster, member migration, unexpected crisis like terminal illness/ asset loss due to accident, over-indebtedness of member or willful default.

SKS offers loans for income generation purposes, compulsory credit life insurance and small ticket loans for mobile and solar light products based on the results of customer need surveys. Based on feedback received from existing clients, SKS has started offering a higher ticket size loan for a period of two years. SKS also offers a gold loan product to its members and non-members in compliance with the RBI norms for lending against gold jewellery. All products and processes are signed off by the member services team which checks compliance with the client protection principles (CPP). Satisfaction surveys are also done every quarter to understand the reception of the product by members. Changes have been made in the terms and tenure of existing products based on feedback from clients. Clients self select to form groups and do not feel pressurized. In order to prevent mis-selling of cross sell products, number of loans disbursed per centre is capped for incentive calculation. During CPP audit (especially conducted to check compliance with CPP), clients are asked if they were forced to take any SKS product. SKS collects and analyses reasons for dropout for all exit clients.

—S MALL JIM   12:48, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Number of employees. Over 20000

My suggestion with sources: According to the company’s latest quarterly earnings update for Q4-FY15, SKS Microfinance Limited has a total of 9,698 employees.

✅ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia states: A 24 February 2012 Associated Press report linked SKS loan collection policies to multiple suicides. Company officials denied the claim, but the Associated Press said internal documents and interviews with more than a dozen current and former employees, independent researchers and videotaped testimony from the families of the dead, showed that top SKS officials had information implicating company employees.

My suggestion: The AP report is a mere restatement of the unsubstantiated allegations regarding alleged microfinance-related suicides in the later part of 2010 in the then undivided state of Andhra Pradesh. The fact remains that the Andhra Pradesh police investigation/ courts have exonerated SKS Microfinance Limited in 14 out of 15 alleged suicide cases. Trial is pending in one case, and SKS Microfinance is confident that its employee will be exonerated in this case as well. The 15 alleged suicide cases were part of a list of 76 names of alleged suicide victims submitted by the then Andhra Pradesh Government in its Supreme Court of India affidavit verified by a notary, on July 19, 2011.

SKS Microfinance Limited has filed an affidavit in the Honourable Supreme Court of India. The affidavit states:

SKS Microfinance Limited stands by the counter affidavits filed by the Company in the Andhra Pradesh High Court and the Supreme Court stating that SKS Microfinance Limited had no role in any of the alleged suicides in Andhra Pradesh and that the Company’s full-time employees (please note that the Company does not hire any agents) never resort to any coercive practices.

The Company’s affidavit to the Supreme Court has stated that in 15 alleged suicide cases SKS Microfinance Limited’s name was mentioned. Of these, 10 were males. The Company, according to the affidavit, cannot be blamed for the suicides of men as it lends only to women. In three of these cases, they were not members of the Company at all. In one of the cases, the alleged suicide was on account of dowry harassment. Significantly, none of 15 alleged suicide victims were in arrears as of October 2010 and the question of the Company resorting to coercive recovery practices in the said cases does not arise. The affidavit was drafted by senior Supreme Court advocate, Mr. Fali S. Nariman.

In addition, a couple of third-party studies and columns by well-known experts did not find any veracity in the allegations.

A report by MicroSave, an independent international organization and a close affiliate of CGAP which is housed at the World Bank, titled - What are clients doing post the Andhra Pradesh MFI Crisis, found -

•Most of the respondents denied any harassment from the MFIs, but have heard about suicide deaths attributed to harassment by MFI staff through various forms of media.

•In 41% of the sessions, respondents said that they came to know about the malpractices of MFIs, i.e. charging exorbitant interest rates, harassing clients etc., through media reports. They said they have personally not experienced any sort of harassment from staff or come across suicide cases in their locality. They said that the government has asked them not to repay MFI loans, by highlighting harassment related cases in newspapers and news channels

A white paper by Intellecap titled - ‘Indian Microfinance Crisis of 2010: Turf War or a Battle of Intentions?’ found that -

•"In recent weeks, there has been a frenzy of media coverage based on allegations of suicides by microfinance clients in AP, contributing to one of the most turbulent times in the history of Indian microfinance

•It should be noted that these suicides, while worrisome and tragic, are difficult to attribute to a specific cause without more evidence. Did the victim have a bad harvest and suffer economically? Was there a medical emergency in the family that was financially impossible to pay for? Was there a tragedy in the community? These articles provide only a slight correlation to the victim’s relationship with an MFI in the region -- but only an in-depth investigation (which mainstream MFIs have been among the first to call for) would prove or disprove the allegations of MFI coercion being responsible for these suicides

•"The human tragedy of borrower suicides is undeniable. However, the link with MFI practices needs to be treated carefully. A combination of factors including the lack of viable income opportunities, failure of investments, lifestyle issues and health problems all contribute to suicides. To blame all suicides on debt stress and recovery practices is not always accurate. (In 2005, another spate of suicides in AP, Karnataka and Maharashtra was attributed to debt stress; but a special relief program coordinated by the Prime Minister’s Office found several other contributory factors). The failure of livelihoods and lack of income opportunities certainly play a role, and may have little to do with debt

•"In 2006, during the Krishna crisis, the industry was not even a quarter the size it is today. News reports from that time are eerily similar to today’s, with the same hot-button phrases: “usurious rates”, “forced recovery”, and allegations of suicides. Today, however, the security of a much larger sector, and a much larger number of the poor, hangs in the balance. It is with this awareness that we reflect on the most recent news articles. We believe they are having a harmful effect not only on MFIs, but also on the people that they are striving to assist"

In a column in The Economic Times, prominent Indian Economist, Dr. Bibek Debroy, in an article titled - 'Government's Heavy-handed Regulation of Microfinance Will Kill It and Bring Back Moneylenders’, wrote -

"Most MFIs aren't regulated. Those registered as NBFCs are regulated by RBI. But that's a small part. So, we come to Andhra Pradesh and the Malegam Committee, fed on journalistic and anecdotal accounts of coercive recovery, high interest rates, multiple lending and suicides by borrowers"

❌ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Products. SKS Microfinance offers 8 financial products and services to its clients - Income Generation Loans, Mid-Term Loans, Mobile Loans, Sangam Store Loans, Housing Loans, Funeral Assistance, Gold Loan, and Life Insurance.

My suggestions with sources: The statement is dated and hence currently inaccurate. According to the latest Information on the Company website, SKS Microfinance Ltd offers a range of products and services, which have been developed based on the financial needs of working poor women. Offerings are classified into proprietary and distributor products. Proprietary products offered by the Company include – Income Generation Loans (IGL) – Aarambh, Mid-Term Loans (MTL) – Vriddhi, Long Term Loans (LTL), Cross-sell loans including - Biomass Cook-stove Loan/ Solar Light Loan/ Water Purifier Loan/ Mobile Phone Loan/ Bicycle Loan/ Sewing Machine Loan and Swarnapushpam Gold Loans.

SKS Microfinance Limited also offers Life Insurance under its distributor products.

✅ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Finance. SKS has raised money from several companies and individual sponsors. In July 2009, Bajaj Allianz made an investment of $10 million (INR 50 crore), the first-ever investment by an insurance company in an Indian microfinance institution. In March 2006, SKS closed its first round of equity investment; the largest microfinance investment in India to date - $3.2 million from some of the world’s leading microfinance investors, and then eclipsed this accomplishment with a second round equity investment of $11.5 million in March 2007. In November 2008 SKS raised equity worth $75 million (Rs 366 crore), the largest equity raised by an MFI to that date. The third round of equity worth Rs 147 crore was raised in January 2008. SKS leverages its equity with public sector, private sector and multinational bank debt.

My suggestion: The paragraph contains information that is out of date. It would be pertinent for readers to access current and up-to-date information and hence the following factual additions are suggested –

On May 4, 2015, SKS Microfinance Limited announced that its gross loan portfolio excluding the states of Andhra Pradesh and Telangana registered a 47% year-on-year increase to Rs. 4,171 crore in Q4-FY15 from Rs. 2,837 crore in Q4-FY14.

SKS Microfinance Limited raised incremental debt of Rs. 5,020 crore in FY15 (43% year-on-year growth as compared to Rs. 3,503 crore in FY14). In FY15, the Company completed securitization transactions worth Rs. 1,559 crore rated as ‘AA (SO)’. The Company issued Non-Convertible Debentures worth Rs. 200 crore (rated ‘A+’) and commercial paper worth Rs. 225 crore (rated ‘A1+’) in FY15. A QIP issue of Rs. 398 crore was completed in May 2014.

Loan disbursements grew to Rs. 2,494 crore in Q4-FY15, registering a 58% year-on-year increase (Rs. 1,580 crore in Q4-FY14). The total number of loans disbursed witnessed a 39% year-on-year growth to 18.57 lakh in Q4-FY15 (13.36 lakh in Q4-FY14). The total disbursement in FY15 increased by 44% to Rs. 6,891 crore (Rs. 4,788 crore in FY14).

As of March 31, 2015, SKS Microfinance Limited had a net worth of Rs. 1,046 crore and a capital adequacy of 31.7%. Cash and cash equivalents stood at Rs. 1,437 crore.

❌ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Leadership. SKS founder Vikram Akula resigned from the board on 23 November 2011. PH Ravikumar, an independent director and former chief executive officer of NCDEX is taking over as the interim non-executive chairman of the only listed microfinance institution. The article also states: Key people. M R Rao CEO-Managing director

My suggestion with sources: Mr. P. H. Ravi Kumar is the Non-executive Chairman of the Company. The Company’s executive leadership team is led by Mr. M. R. Rao, Managing Director & CEO and Mr. S. Dilli Raj, President.

✅ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Awards. SKS was ranked as the number one MFI in India and number two in the world by MIX Market. Business Week rated SKS as one of India's most influential companies. SKS received numerous awards including the CGAP Pro-Poor Innovation Award, the ABN-Ambro/Planet Finance Process Excellence Award, Citibank Information Integrity Award, the Digital Partners SEL Award, SHG Foundation funding and the Grameen Foundation USA Excellence Award. SKS is the only MFI in India to receive the MIX Transparency Certification. The Unitus Equity Fund made a large investment into SKS in 2006.

My suggestion: The statement is dated. In order for readers to access current and up-to-date information, the following factual additions are suggested –

According to the latest information on the Company website, in December 2014, SKS Microfinance Limited received the Smart Campaign Client Protection Certification, certifying that SKS Microfinance Limited has been evaluated according to the standards of the Client Protection Certification Program and found to take adequate care to implement Client Protection Principles as promoted by the Smart Campaign, a global effort to keep clients as the driving force of the industry. The Smart Campaign has been co-founded by CGAP at the World Bank.

SKS also won ‘The Microfinance Organization of the Year’ award in December 2014 in recognition of the company’s efficient and responsible microfinance services at scale and its impressive efforts of reaching out to the low-income households in multiple regions across India, including several underserved regions. The award was received at the Annual Microfinance India Awards 2014, instituted by ACCESS Development Services, an organization set up with support from DFID (the United Kingdom Government as a legacy institution).

In September 2013, SKS Microfinance Limited was awarded the Seal of Transparency. The Seal is conferred upon microfinance providers who showcase transparency in their product pricing. MF Transparency represents an industry movement toward transparent practices and responsibility. Based in the United States, the group has organized transparent pricing efforts in 28 countries in four continents.

❌ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Suicide link allegation. An independent investigation commissioned by the company linked SKS employees to at least seven suicides, according to a report by the Associated Press. A second investigation commissioned by an industry umbrella group that probed the role of many microfinance companies did not draw conclusions but pointed to SKS involvement in two more cases that ended in suicide, the report said. Neither study has been made public. According to the Associated Press report, “More than 200 poor, debt-ridden residents of Andhra Pradesh killed themselves in late 2010, according to media reports compiled by the government of the south Indian state. The state blamed microfinance companies — which give small loans intended to lift up the very poor — for fueling a frenzy of overindebtedness and then pressuring borrowers so relentlessly that some took their own lives.”

My suggestion: The Board of SKS Microfinance Limited has not authorized any private investigation into the alleged suicides in the later part of 2010 in the then undivided state of Andhra Pradesh. Such investigations, in matters related to criminal cases, are the preserve of the Government, and SKS has always extended all possible cooperation to the official machinery in such cases. The Board’s Minutes would confirm the fact that there was neither any study authorized by the Board nor did the Board ever discuss the alleged report.

Also, it is incorrect to say that there had been 200 alleged microfinance-related suicides in the then undivided state of Andhra Pradesh in the year 2010. As stated earlier, the then Andhra Pradesh Government has submitted a list of 76 names of alleged suicide victims in its Supreme Court of India affidavit verified by a notary on July 19, 2011.

As stated earlier, SKS Microfinance Limited stands by the counter affidavits filed by the Company in the Andhra Pradesh High Court and the Supreme Court stating that SKS Microfinance Limited had no role in any of the alleged suicides in Andhra Pradesh and that the Company’s full-time employees (please note that the Company does not hire any agents) never resort to any coercive practices.

The Company’s affidavit to the Supreme Court has stated that in 15 alleged suicide cases SKS Microfinance Limited’s name was mentioned. Of these, 10 were males. The Company, according to the affidavit, cannot be blamed for the suicides of men as it lends only to women. In three of these cases, they were not members of the Company at all. In one of the cases, the alleged suicide was on account of dowry harassment. Significantly, none of 15 alleged suicide victims were in arrears as of October 2010 and the question of the Company resorting to coercive recovery practices in the said cases does not arise. The affidavit was drafted by senior Supreme Court advocate, Mr. Fali S. Nariman.

In other words, 14 out of 15 cases were closed. In the one pending case, neither SKS nor its officials have been named.

❌ —S MALL  JIM   13:37, 7 February 2016 (UTC)


 * The article on Wikipedia currently states: Job Cuts. Once considered the microfinance capital, crisis-hit SKS Microfinance cuts 1200 jobs and closes 78 branches in Andhra Pradesh

My suggestion with sources: For a more neutral reporting of this issue, the following additions are suggested -

SKS Microfinance Limited…secured employment for its 248 displaced employees through its collaboration with leading corporates and recruitment consultancies…The…Company had…announced its ‘painful’ decision of slashing 1,200 jobs and shutting down 78 branches in the state of Andhra Pradesh, where the microfinance sector is going through a rough patch since the last eighteen months… In a press release, SKS said that the Company had organized job fairs in Hyderabad and Vijayawada for all its displaced employees after providing them with training and reorientation. In all, 715 ex-employees of SKS registered for the job fairs…”An additional 255 candidates have been shortlisted for various positions,” the Company said in the release, while claiming that SKS, perhaps, had created a global record by organizing job fairs for laid-off employees on such a large scale.

Seventeen top executives of SKS Microfinance Limited, including managing director and chief executive officer M.R. Rao and (then) chief financial officer S. Dilli Raj, had taken pay cuts as the firm struggled… in the region of 16-50%... with effect from May 1, 2012…. SKS said the pay cut is a “symbolic gesture” and not due to its “deteriorating business conditions”.

❌ —S MALL  JIM   13:37, 7 February 2016 (UTC)

Ziptrd (talk) 05:28, 2 June 2015 (UTC)


 * I've stared cleaning up a lot of the junk in the current article. However your suggestions above is a lot to look through. I noticed a lot of it relies on primary sources, like the company website, press releases, or annual reports. We can only use secondary sources that are independent of SKS and not affiliated with the events/organizations it's reporting on. At a quick glance, the following citations in the current list: 1, 4, 7, 9, 12, 15, 17, 23, 24, 27 are probably not usable, unless they are used for something like confirming revenues in the infobox. If you could trim those out, it could make the remaining requests more manageable. CorporateM (Talk) 01:29, 23 June 2015 (UTC)


 * Thanks for your suggestions. As suggested, I am removing citations which are related to primary sources. Some citations however are related to the company's products/ services or awards which do not have a more accurate source to cite than the company website as they can change. The current article on Wikipedia also cites the company's old website for such information (ex. citation no. 1, 10 and 11 listed under the current article.). Also one of the citation you mentioned is an independent impact study related to microfinance and not directly linked to SKS (An Impact Assessment Survey Report conducted by Michael and Susan Dell Foundation) Ziptrd (talk) 11:01, 20 July 2015 (UTC)


 * If there is not a strong source for something, we need to remove the text. Regarding awards, most of the time they are just promotion and not appropriate for an encyclopedia. There is some guidance on this at WP:ORGAWARDS. CorporateM (Talk) 18:12, 20 July 2015 (UTC)

Request to edit the "Controversies" paragraph on article - SKS Microfinance
For full disclosure, I am an employee of SKS Microfinance Limited. The intention of suggesting the following edit to the article is so that the article is updated with factual, current and publicly available information. The fourth paragraph in article titled "Controversies" currently states: Controversies. In 2012, an independent investigation commissioned by the company linked SKS employees to at least seven suicides of creditors in Andhra Pradesh. A second investigation said SKS may have been involved in two other suicide cases.[8]...Interviews with family members of the deceased, by BBC suggested that the reason for these suicides appeared to be large sub-prime loans taken by the villagers, with the active encouragement of SKS loan agents.[10]

My suggestion: Request that this paragraph should either be removed or a rebuttal by the Company should be mentioned, since the Company has been exonerated by the Supreme Court of India in the case.

The following is a statement by the Company, the main points of which have been reported by leading news dailies - I will be citing one such news clip as a secondary source below.

SKS Microfinance Limited’s affidavit on alleged suicides

SKS Microfinance Limited stands by the counter affidavits filed by the Company in the Andhra Pradesh High Court and the Supreme Court stating that SKS Microfinance Limited had no role in any of the alleged suicides in Andhra Pradesh and that the Company’s full-time employees (please note that the Company does not hire any agents) never resort to any coercive practices.

The Company’s affidavit to the Supreme Court has stated that in 15 alleged suicide cases SKS Microfinance Limited’s name was mentioned. Of these, 10 were males. The Company, according to the affidavit, cannot be blamed for the suicides of men as it lends only to women. In three of these cases, they were not members of the Company at all. In one of the cases, the alleged suicide was on account of dowry harassment. Significantly, none of 15 alleged suicide victims were in arrears as of October 2010 and the question of the Company resorting to coercive recovery practices in the said cases does not arise. The affidavit was drafted by senior Supreme Court advocate, Mr. Fali S. Nariman.

In other words, 14 out of 15 cases were closed. In the one pending case, neither SKS nor its officials have been named.

Also adding a link to an uploaded scanned copy of the news clip cited above. Ziptrd (talk) 06:09, 3 September 2015 (UTC)

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Bold 2A01:5EC0:E004:D1E1:2187:D9C3:68B:CDC9 (talk) 08:40, 16 June 2023 (UTC)