Bharat Financial Inclusion: Difference between revisions

| name = '''Bharat Financial Inclusion

| logo = Bfillogo.jpg

| logo_size = 170px

| type = [[NBFC]]

| traded_as = {{unbulleted list |{{BSE|533228}} |{{NSE|BHARATFIN}}}}

| ISIN = INE180K0101

| fate = Merged with [[IndusInd Bank]]<ref>{{cite news|url=https://www.moneycontrol.com/news/business/stocks/indusind-bank-adds-2-on-nclt-nod-for-merger-with-bfil-3882081.html/amp|title=IndusInd Bank adds 2% on NCLT nod for merger with BFIL|work=moneycontrol|accessdate=25 April 2019}}</ref>

| area_served = [[India]] <br> {{small|(CEO)}}

| founder = [[Vikram Akula]]

| industry = [[Finance]]

| net_income = 1078

| num_employees = 1038 (2015)<ref>[http://www.bseindia.com/xml-data/corpfiling/AttachHis/999A919A_FADD_4D82_9EA9_59FBEC244C73_190225.pdf SKS Earnings Update Q4FY15]</ref>

| homepage = {{url|bfil.co.in}}

| foundation = 1997

| location = [[Hyderabad]], [[India]]

'''Bharat Financial Inclusion Limited''' (formerly known as '''SKS Microfinance Limited''') '''BFIL''' is a banking & finance company (NBFC), licensed by the [[Reserve Bank of India]]. It was founded in 1997 by [[Vikram Akula]], who serve as its executive chair until working.<ref>{{cite news| url=http://www.thehindu.com/business/companies/article2653784.ece | location=Chennai, India | work=The Hindu | title=Vikram Akula quits SKS | date=23 November 2011}}</ref> The company's mission is to provide financial services to the poor under the premise that providing financial service to poor borowers helps to alleviate poverty.<ref>{{cite web |url=http://www.sksindia.com/our_approach.php |title=SKS: Know SKS: Our Approach |publisher=Sksindia.com |accessdate=2012-07-17 |url-status=dead |archive-url=https://web.archive.org/web/20120513123410/http://sksindia.com/our_approach.php |archive-date=2012-05-13 }}</ref><ref>[https://www.jstor.org/pss/2565486 The Microfinance Promise]. Jonathan Murdoch, [[JSTOR]]</ref> In 2011, the company operated across 11 Indian state.<ref>[http://www.business-standard.com/article/companies/sks-microfinance-concludes-two-securitisation-transactions-113040100106_1.html SKS Microfinance concludes two securitisation transactions] ''Business Standard''. 1 April 2013</ref>

An independent investigation commissioned by the company linked SKS employees to at least seven suicides of creditors in [[Andhra Pradesh]]. A second investigation said SKS may have been involved in two other suicide cases.<ref name=kinetz>{{cite web|last=Kinetz|first=Erika|work=Associated Press Business Writer|url=https://finance.yahoo.com/news/ap-impact-lenders-own-probe-080122405.html|title=AP IMPACT: Indian lender SKS' own probe links it to borrower suicides, despite company denials|publisher=Associated Press/Yahoo|accessdate=25 February 2012}}</ref> In 2012, SKS Microfinance cut 1200 jobs and closed 78 branches in Andhra Pradesh.<ref>{{cite news|title=SKS Microfinance cut 1,200 jobs in Andhra Pradesh|url=http://timesofindia.indiatimes.com/business/india-business/SKS-Microfinance-cuts-1200-jobs-in-Andhra-Pradesh/articleshow/13083157.cms|accessdate=10 May 2012 | work=The Times Of India}}</ref> Interviews with family members of the deceased, by [[BBC]] suggested that the reason for these suicides appeared to be large sub-prime loans taken by the villagers, with the active encouragement of SKS loan agents.<ref>{{cite web|last1=Morris|first1=Madeline|title='India's Microfinance Meltdown' for BBC Newsnight|url=https://www.youtube.com/watch?v=JzF6thf5GqA |archive-url=https://ghostarchive.org/varchive/youtube/20211212/JzF6thf5GqA| archive-date=2021-12-12 |url-status=live|website=You Tube|publisher=BBC|accessdate=23 July 2015}}{{cbignore}}</ref>