SKS CEO and Founder, Vikram Akula, recognized by Time Magazine as one of today's 100 most influential people 

July 20, 2006
SKS Wins CGAP Financial Transparency Award for the second year in a row
  Hyderabad, India � SKS Microfinance has earned merit recognition in the CGAP Financial Transparency Award Competition for its demonstrated commitment to financial transparency. At a joint CGAP-SKS press conference held in Hyderabad today, Dr. Vikram Akula, Founder and CEO of SKS, received the Transparency Award plaque from Dr. Syed Hashemi, a senior CGAP microfinance specialist along with 5 borrowers from the villages of Rajampeta and Kothalapoor.

In its second year, the CGAP Financial Transparency Award Competition drew 175 applications from 57 countries worldwide.

SKS earned merit recognition demonstrating a �high level of compliance with international financial reporting standards.�

�The institutions which participated in this year�s competition are doing more than improving the world of microfinance; they are helping make microfinance institutions� performance better understood by the general public, a key step to building more inclusive financial systems for the poor,� said Elizabeth Littlefield, CGAP CEO.

Founded in 1998, SKS Microfinance is receiving the Merit Award for the second year in a row, the only microfinance institution in India to be duly recognized.

The award honors SKS for its compliance with international disclosure guidelines, including industry specific CGAP disclosure guidelines and the widely accepted IFRS, or International Financial Reporting Standards. Today, SKS is one of the fastest growing microfinance organizations in the world. SKS has provided over Rs. 317 crores in loans across 104 branches to nearly 260,000 poor women in five states across India: Andhra Pradesh, Karnataka, Maharashtra, Madhya Pradesh, and Orissa. In the last year alone, SKS grew by nearly 300 percent, and has a portfolio outstanding of 110 crores. SKS has plans to replicate this growth rate by expanding to six northern states (Bihar, UP, Rajasthan, West Bengal, Jharkhand, and Chhattisgarh) within the coming year.

Founder and CEO of SKS Microfinance, Vikram Akula, remarked, �we are thrilled to receive this award. This recognition affirms our long-standing emphasis on institutional transparency.
Furthermore, it demonstrates our view that financial transparency is core to our mission of empowering the poor through the provision of financial services.�

�SKS is setting a high standard for other Indian Microfinance institutions with its commitment to financial transparency, said Mr. C.V.Rao DGM of SIDBI Hyderabad. �We are proud to be partners with an industry leader.�

Ultimately, CGAP believe that all microfinance institutions should be able to receive the Financial Transparency Award.

�CGAP is proud to sponsor the award and invites everyone in the microfinance industry and beyond to learn what it says about the institutions that have earned it� said Dr. Hashemi. But transparency is much broader than financial reporting: it�s also about corporate governance, effective management and full disclosure to clients.�

In some markets, microfinance institutions are stronger and more profitable than leading banks. The Microfinance Information Exchange�a web-based portal providing financial information on microfinance institutions �now reports on 700 such institutions, several of which boast �5-diamond� ratings, including SKS.

To learn more about the CGAP Financial Transparency Award, visit


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