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SKS Microfinance changes company's name to Bharat Financial Inclusion

SKS Microfinance on Monday said the name of the company has been changed to Bharat Financial Inclusion Ltd.

"Pursuant to approval of Government, Ministry of Corporate Affairs, Registrar of Companies, the name of the company has been changed from 'SKS Microfinance Limited' to 'Bharat Financial Inclusion Limited' with effect from today (June 13, 2016)," it said in a regulatory filing.

An employee of SKS Microfinance stands at the entrance of the company's head office in the southern Indian city of Hyderabad

It is the only listed company in the microfinance space in the country.

Earlier in May, the company had said the decision to change the name was taken as its core had undergone a transformation, equipping it to play a major role in fulfilling the national priority of financial inclusion.

The company is among the largest microfinance players in India. It has presence across 18 states covering 1,00,000 villages, catering to its 63.65 lakh women members.

The company was mired in a serious controversy in late 2010 after the state of Andhra Pradesh then had forced it to exit the southern state due to rising spate of suicides by its borrowers, triggered by allegedly coercive recovery practices.

The company's shares had then seen a 91% erosion of its share value from its peak on 28 September 2010 and a 72% slump on its loan book following the state government's directive.

In late 2011, Vikram Akula, founder and chairman of SKS Microfinance Ltd, stepped down as executive chairman of the company after the company's business took a severe beating following huge losses.

Shares in SKS Microfinance, on Tuesday, ended 0.2 percent higher at Rs 669.60 on BSE.

With PTI inputs

Updated Date: Jun 14, 2016 16:08 PM

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