Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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		 Published on</span><span class="text-date"> Nov 11, 2010</span>
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                            <div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Leading micro-lender SKS Microfinance today hinted that it could move the courts if the recent Andhra Pradesh notification prohibiting collection of loan repayments on a weekly basis is not withdrawn.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The notification stipulated that the periodicity of repayment by self-help group (SGH) members to MFIs should not be less than a month, even under existing loan agreements.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">However, microfinance institutions operating in the state have railed against the move.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;In the event the issue of the repayment periodicity is not satisfactorily resolved, the company may be constrained to challenge the same in the Andhra Pradesh HC, if it is so advised,&quot; the company said in a filing to the Bombay Stock Exchange.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The ordinance was issued after a spate of suicides in the state, which many alleged was due to the high interest rates and coercive recovery methods adopted by microfinance companies.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS Microfinance today announced that it is slashing interest rates on loans in Andhra Pradesh to 24 per cent in the wake of the recent ordinance promulgated by the state government to rein in these lenders. It indicated that a similar step is on the cards for other states as well.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;In AP, the company... shall take steps to further reduce it to effectively 24 per cent. The company is also planning to reduce interest rates in other states to effectively 24 per cent in due course,&quot; SKS said in a BSE filing.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Just last month, the company had reduced interest rates in AP from over 26 per cent to 24.55 per cent after the state government promulgated an ordinance on October 15 to control the MFIs.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Although SKS did not specify when the new rates would become effective, it said profitability might be impacted as certain provisions of the ordinance require it to change its operation model.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;The proposed change in operating model, disruption in customer connectivity at the field level, the resultant reduction in collection in AP and interest reduction... are likely to have a material impact on the company's revenues, profitability and asset quality of AP portfolio,&quot; the company said.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS said AP currently accounts for 27 per cent of the company's total portfolio, but added that it could not immediately quantify the potential impact of the ordinance.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The microfinance giant further said the ordinance has created disruptions in the company's field operations in AP.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">MFIs usually lend money to borrowers through women's groups in remote areas. They charge interest rates as high as 34 per cent, mostly due to the risk cost of loans in remote areas.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS said it was in talks with the state government and key regulators such as the Reserve Bank of India and the Ministry of Finance to rectify aspects of the Andhra Pradesh government's recent ordinance.</font></span></div>                                                           
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    <br><a href="http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/" class="re" target="_blank">The Financial Express, 10 November, 2010, http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/</a><div class="clear"></div>
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    <h1 class="cat-box-title">SKS Microfinance threatens to sue over loan repayment</h1>
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                            <div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Leading micro-lender SKS Microfinance today hinted that it could move the courts if the recent Andhra Pradesh notification prohibiting collection of loan repayments on a weekly basis is not withdrawn.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The notification stipulated that the periodicity of repayment by self-help group (SGH) members to MFIs should not be less than a month, even under existing loan agreements.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">However, microfinance institutions operating in the state have railed against the move.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;In the event the issue of the repayment periodicity is not satisfactorily resolved, the company may be constrained to challenge the same in the Andhra Pradesh HC, if it is so advised,&quot; the company said in a filing to the Bombay Stock Exchange.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The ordinance was issued after a spate of suicides in the state, which many alleged was due to the high interest rates and coercive recovery methods adopted by microfinance companies.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS Microfinance today announced that it is slashing interest rates on loans in Andhra Pradesh to 24 per cent in the wake of the recent ordinance promulgated by the state government to rein in these lenders. It indicated that a similar step is on the cards for other states as well.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;In AP, the company... shall take steps to further reduce it to effectively 24 per cent. The company is also planning to reduce interest rates in other states to effectively 24 per cent in due course,&quot; SKS said in a BSE filing.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Just last month, the company had reduced interest rates in AP from over 26 per cent to 24.55 per cent after the state government promulgated an ordinance on October 15 to control the MFIs.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Although SKS did not specify when the new rates would become effective, it said profitability might be impacted as certain provisions of the ordinance require it to change its operation model.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;The proposed change in operating model, disruption in customer connectivity at the field level, the resultant reduction in collection in AP and interest reduction... are likely to have a material impact on the company's revenues, profitability and asset quality of AP portfolio,&quot; the company said.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS said AP currently accounts for 27 per cent of the company's total portfolio, but added that it could not immediately quantify the potential impact of the ordinance.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The microfinance giant further said the ordinance has created disruptions in the company's field operations in AP.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">MFIs usually lend money to borrowers through women's groups in remote areas. They charge interest rates as high as 34 per cent, mostly due to the risk cost of loans in remote areas.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS said it was in talks with the state government and key regulators such as the Reserve Bank of India and the Ministry of Finance to rectify aspects of the Andhra Pradesh government's recent ordinance.</font></span></div>                                                           
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    <br><a href="http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/" class="re" target="_blank">The Financial Express, 10 November, 2010, http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/</a><div class="clear"></div>
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header - [internal], line ??
Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Code Context
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		 Published on</span><span class="text-date"> Nov 11, 2010</span>
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                            <div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Leading micro-lender SKS Microfinance today hinted that it could move the courts if the recent Andhra Pradesh notification prohibiting collection of loan repayments on a weekly basis is not withdrawn.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The notification stipulated that the periodicity of repayment by self-help group (SGH) members to MFIs should not be less than a month, even under existing loan agreements.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">However, microfinance institutions operating in the state have railed against the move.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;In the event the issue of the repayment periodicity is not satisfactorily resolved, the company may be constrained to challenge the same in the Andhra Pradesh HC, if it is so advised,&quot; the company said in a filing to the Bombay Stock Exchange.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The ordinance was issued after a spate of suicides in the state, which many alleged was due to the high interest rates and coercive recovery methods adopted by microfinance companies.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS Microfinance today announced that it is slashing interest rates on loans in Andhra Pradesh to 24 per cent in the wake of the recent ordinance promulgated by the state government to rein in these lenders. It indicated that a similar step is on the cards for other states as well.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;In AP, the company... shall take steps to further reduce it to effectively 24 per cent. The company is also planning to reduce interest rates in other states to effectively 24 per cent in due course,&quot; SKS said in a BSE filing.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Just last month, the company had reduced interest rates in AP from over 26 per cent to 24.55 per cent after the state government promulgated an ordinance on October 15 to control the MFIs.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">Although SKS did not specify when the new rates would become effective, it said profitability might be impacted as certain provisions of the ordinance require it to change its operation model.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">&quot;The proposed change in operating model, disruption in customer connectivity at the field level, the resultant reduction in collection in AP and interest reduction... are likely to have a material impact on the company's revenues, profitability and asset quality of AP portfolio,&quot; the company said.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS said AP currently accounts for 27 per cent of the company's total portfolio, but added that it could not immediately quantify the potential impact of the ordinance.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">The microfinance giant further said the ordinance has created disruptions in the company's field operations in AP.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">MFIs usually lend money to borrowers through women's groups in remote areas. They charge interest rates as high as 34 per cent, mostly due to the risk cost of loans in remote areas.</font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif"><br /></font></span></div><div style="text-align: justify"><span class="Apple-style-span" style="font-size: medium"><font face="arial, helvetica, sans-serif">SKS said it was in talks with the state government and key regulators such as the Reserve Bank of India and the Ministry of Finance to rectify aspects of the Andhra Pradesh government's recent ordinance.</font></span></div>                                                           
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    <br><a href="http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/" class="re" target="_blank">The Financial Express, 10 November, 2010, http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/</a><div class="clear"></div>
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Home हिन्दी

SKS Microfinance threatens to sue over loan repayment

Published on Nov 11, 2010   Modified on Nov 11, 2010

Leading micro-lender SKS Microfinance today hinted that it could move the courts if the recent Andhra Pradesh notification prohibiting collection of loan repayments on a weekly basis is not withdrawn. The notification stipulated that the periodicity of repayment by self-help group (SGH) members to MFIs should not be less than a month, even under existing loan agreements. However, microfinance institutions operating in the state have railed against the move. "In the event the issue of the repayment periodicity is not satisfactorily resolved, the company may be constrained to challenge the same in the Andhra Pradesh HC, if it is so advised," the company said in a filing to the Bombay Stock Exchange. The ordinance was issued after a spate of suicides in the state, which many alleged was due to the high interest rates and coercive recovery methods adopted by microfinance companies. SKS Microfinance today announced that it is slashing interest rates on loans in Andhra Pradesh to 24 per cent in the wake of the recent ordinance promulgated by the state government to rein in these lenders. It indicated that a similar step is on the cards for other states as well. "In AP, the company... shall take steps to further reduce it to effectively 24 per cent. The company is also planning to reduce interest rates in other states to effectively 24 per cent in due course," SKS said in a BSE filing. Just last month, the company had reduced interest rates in AP from over 26 per cent to 24.55 per cent after the state government promulgated an ordinance on October 15 to control the MFIs. Although SKS did not specify when the new rates would become effective, it said profitability might be impacted as certain provisions of the ordinance require it to change its operation model. "The proposed change in operating model, disruption in customer connectivity at the field level, the resultant reduction in collection in AP and interest reduction... are likely to have a material impact on the company's revenues, profitability and asset quality of AP portfolio," the company said. SKS said AP currently accounts for 27 per cent of the company's total portfolio, but added that it could not immediately quantify the potential impact of the ordinance. The microfinance giant further said the ordinance has created disruptions in the company's field operations in AP. MFIs usually lend money to borrowers through women's groups in remote areas. They charge interest rates as high as 34 per cent, mostly due to the risk cost of loans in remote areas. SKS said it was in talks with the state government and key regulators such as the Reserve Bank of India and the Ministry of Finance to rectify aspects of the Andhra Pradesh government's recent ordinance.

The Financial Express, 10 November, 2010, http://www.financialexpress.com/news/sks-microfinance-threatens-to-sue-over-loan-repayment/709253/

Tagged with: Microfinance Financial Inclusion

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