SKS Microfin, 5 others urge to restructure debt: Sources

Six AP-centered microfinance institutes (MFIs), including SKS have approached banks and their cost debt restructuring (CDR) cell for restructuring debt, reports CNBC-TV18's Vidhi Godiawala, quoting sources.

Lenders have also written to the Reserve Bank to extend MFI debt restructuring to June 2011 from the current deadline of March 31, 2011. RBI had then allowed banks to maintain the same asset classification if they were standard loans. The lenders have questioned few institutes over exorbitant salaries of the top brass.

The six MFIs include SKS, Spandana Sphoorty, Bhartiya Samruddhi, Asmitha, Future Financial Services and Share Microfinance.

SKS Microfinance