Sunday, December 20, 2009

SKS Microfinance Wins CGAP Transparency Award for the Second Year in a Row

SKS Microfinance (SKS) has won a Merit Award for banking accuracy from The Consultative Group to Assist the Poor (CGAP), a analysis of the World Bank.

Hyderabad, India -- SKS Microfinance (SKS, www.sksindia.com) has won a Merit Award for banking accuracy from The Consultative Group to Assist the Poor (CGAP, www.cgap.org), a analysis of the World Bank. In its additional year, the accolade admiring over 175 applicants from 57 countries. Of the 5 winners and 63 arete awardees, alone two were from South Asia and SKS was the alone champ from India.

SKS won based on its acquiescence with all-embracing acknowledgment guidelines, including industry-specific CGAP Disclosure Guidelines and the broadly acclimatized International Financial Reporting Standards. Financial statements were denticulate by 10 reviewers based in Latin America, Africa, the Middle East, Europe, and North America. Each of the reviewers is a accounts or accounting and auditing professional.

“We are accustomed to be accustomed for our charge to banking advertisement and transparency,” said SKS Founder and CEO, Vikram Akula. “We accent such accuracy because it provides affirmation to both basic markets as able-bodied as to our audience that their funds will be cautiously and advantageous managed. As the industry continues to grow, it’s acutely important for all MFIs to accomplish this standard, and we acknowledge CGAP for arch this effort.”

"The institutions that alternate in this year's antagonism are accomplishing added than convalescent the apple of microfinance: They are allowance accomplish microfinance institutions' achievement bigger accepted by the accepted accessible and allowance body added across-the-board banking systems for the poor," said CGAP CEO, Elizabeth Littlefield.

For columnist inquiries amuse contact:
Harrish P.V.
Asst. Communications Manager
SKS Microfinance
+91-40-23298131-41

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