![]() This high visibility made the industry a political football, and in 2010, the Congress chief minister, K. Following in its footsteps, and also based in Andhra Pradesh, SKS Microfinance was floated as a publicly listed company, and the consequent access to funds fuelled its meteoric growth.īy 2010, Indian MFIs had bank finance worth Rs 30,000 crore, and Andhra Pradesh was by far the most active locus of their operations. ![]() By 2010, BASIX had a loan book of Rs 1,800 crore, and was seen as a model for credit to the poor. Popularly known as BASIX, the Hyderabad-based finance corporation received extensive support from Indian bankers, industrialists and foreign funders. Learning from experiences in Bangladesh, Thailand and the Americas, a star IIM-Ahmedabad alumnus, Vijay Mahajan, was the first to set up a micro-finance institution (MFI), in 1996. Meanwhile, entrepreneurs rooted in rural reality recognised that there was a need for credit in our villages and slums, which would require new paradigms of lending. ![]()
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