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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Microfinance pioneer Yunus criticises Indian lenders AFP - Monday, December 13 Send IM Story Print Microfinance pioneer Yunus criticises Indian lenders DHAKA (AFP) - – Bangladeshi microfinance pioneer Muhammad Yunus on Sunday attacked companies for "misusing and abusing" his original concept of helping poor people via small loans, after a backlash against profit-making lenders. Yunus admitted the reputation of micro-credit had been tarnished due to Indian commercial companies that charge high interest rates and use allegedly heavy-handed tactics to collect repayments. India's biggest lender to the poor, SKS Microfinance, has been in the spotlight following a series of suicides among debt-laden villagers in Andhra Pradesh state, where authorities have reacted by ordering a crackdown on microfinanciers. "A lot of people are misusing and abusing the concept and use it as vehicle to make money. And SKS is a big example in this regard," Yunus told reporters in Dhaka, the Bangladeshi capital. Related article: India microlenders facing crisis, warns industry He said SKS boss Vikram Akula had set up a non-governmental organisation and transformed it into a profit-making company which he then launched on the Mumbai stock exchange. "It's a complete detour and nothing but a quitting of the (microfinance) mission," said Yunus, who won the Nobel Peace Prize in 2006 for his Grameen Bank's microfinance work. "The original micro-credit concept cannot be blamed for their faults," he added. The microfinance industry in India, once seen as a saviour of the poor, is in crisis after criticism of the alleged abusive practices by debt collectors and high interest rates. Some 17 of the suicide victims were SKS borrowers, but the company has strongly denied its actions led to their deaths. Yunus also said he was pleased the Norwegian government had cleared him of embezzlement allegations raised in a recent television documentary. Recommend Send IM Story Print Related Articles RPT-UPDATE 2-Australia unveils reforms to boost bank competition Reuters - 17 minutes ago Foreign moviegoers rescue ailing 'Narnia' Reuters - 40 minutes ago NZ Oil and Gas placed on trading halt Reuters - 42 minutes ago US-BUSINESS Summary Reuters - 1 hour 1 minute ago Dollar emerges as the funding currency of choice: BIS Reuters - 1 hour 2 minutes ago News Search Top Stories German finance minister criticises bailout 'speculation' African health research has solutions but no support Forex market jumps thanks to electronic revolution: BIS Gbagbo accuses foreign powers of wooing I.Coast army UK rioters 'made contact' with duchess in fees protest More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Russia's Putin sings Armstrong for Hollywood stars Amanda Knox breaks down in Italy sex-murder trial City near Premiership summit as Newcastle beat Liverpool Madoff son found dead of apparent suicide Nations set up global climate fund More Most Viewed » NASA finds new form of life... on Earth US, S.Korea plan war games after N.Korean attack Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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