SKS Microfinance Renamed Bharat Financial Inclusion

New Delhi: 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.

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 due to rising spate of suicides by its borrowers, triggered by allegedly coercive recovery practices. 

Shares in SKS Microfinance, on Monday, ended 1.13 per cent lower at Rs 668.45 apiece on the BSE, whose benchmark Sensex index finished down 0.89 per cent.