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Microfinance Institutions were supposed to be torchbearers of the Indian social enterprise movement, bringing micro-credit to millions of impoverished. Six months after SKS Microfinance’s high-profile IPO in Jun 2010, a spate of suicides by over 200 debt-ridden MFI clients in Andhra Pradesh brought the SKS juggernaut to a screeching halt. SKS and the MFI sector are yet to recover from the AP government intervention but a recent Associated Press expose vindicates the government’s stand that MFIs had indeed created a frenzy of over-indebtedness and pressuring borrowers so relentlessly that some committed suicide.
Read the full article here: http://www.firstpost.com/economy/the-poster-children-of-social-enterprises-in-india-252443.html.