How did SKS Microfinance start? What are the origins of SKS?
SKS stands for Swayam Krishi Sangam, which in Hindi means “self-cultivation society.” Dr. Vikram Akula, Founder and Chairperson, founded SKS in 1997 and launched operations in 1998 in Andhra Pradesh, India with the mission to eradicate poverty. In 1996-97, while still a PhD graduate student, Akula raised $52,000 in seed funding from 357 family members and friends to start SKS as a non-profit organization. In 2005, SKS converted into a non-banking financial company (NBFC) which is regulated by India’s central bank, the Reserve Bank of India (RBI).
