Vikram Akula is confident of a revival in collections and says that in 18 out of 19 states, outside of Andhra, loan repayment have been to the tune of 96%.
The microfinance sector received a huge leg up, first from the finance minister's budget speech and most recently, the RBI's acceptance of the Malegam Committee recommendations where it has re-affirmed priority sector status for microfinance.
In an interview with CNBC-TV18, Dili Raj, CFO, SKS Microfinance says, in third quarter the company was able to access Rs 400 crore. “The signal is that we would get additional funding as it is evidenced by the fact that we were able to drawdown Rs 700 crore in the month of March alone."
The microfinance industry has seen some key changes after the MFI act has been implemented in Andhra Pradesh. In an interview with CNBC-TV18, Vikram Akula, Founder of SKS Finance gives a status check on the key changes.
Vikram Akula, chairman of SKS Microfinance, told CNBC-TV18 they are glad to get some semblance of regulatory certainty from the Malegam committee recommendations. He is glad of the RBI taking charge in regulating this space.