SKS forays into gold loan business
Hyderabad, Dec 7 (INN): SKS Microfinance, the only Micro Finance Institution (MFI) to be on the BSE is diversifying its operations and has chalked out a strategy to acquire a comfortable market share.
'The pilot project of gold loans we have taken up will be expanded further,' SKS managing director MR Rao said.
This apart, the chain of Sangam stores has yielded good results. As of now there are 4,000 stores for retail goods and the number will increase to 15,000 by March 2012, he said.
The legislations and strictures passed by Andhra Pradesh Government has given a rude jolt to the company in the state and elsewhere.
The company has to write-off residual risk due to the stringent law and is looking for raising the money from non-micro-finance sector.
The company has fixed a target of financing for 5.5 lakh mobile phones and it has achieved half the intended figure, Mr Rao said.
The appointment of ombudsman will be done by this year-end, he said adding that there was no single retrenchment, despite the loss of revenue due to various reasons. SKS will raise Rs 500 crore to redesign retail insurance, MR Rao added.
News Posted: 7 December, 2011
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