The most promising microfinance organization in India, entrusts our Alum Mr. M.R. Rao with a huge responsibility of leading the organization in this crucial period of controversies. On Oct 4, 2010 SKS Microfinance said that its board has passed a resolution terminating the appointment of its managing director and CEO Suresh Gurumani, without giving any specific reason.
The company aimed at providing financial services to the poor has been performing an excellent job. The top-level rejig at SKS Microfinance comes curiously soon after the successful listing of the entity. Prior to this appointment Mr. Rao was the deputy CEO of the firm.
About SKS: SKS Microfinance was founded as a non-profit organisation in late 1997. It received a non-banking finance company licence from the Reserve Bank of India in 2006. It is just the second microfinance firm in the world to go public. SKS Microfinance has 5.8 million clients (2010) in 1,627 branches in 19 states across India and total assets worth $897.9 million (Sept.'09.) SKS charges an annual effective interest rate ranging from 26.7% to 31.4% (Mix Market.)