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India | SKS to cut 1,200 jobs

SKS Microfinance Ltd(SKSM.NS), the only listed microfinance company in India, said on Thursday it planned to reduce its headcount by a third and shut some branches in Andhra Pradesh state amid mounting losses.

SKS’ business in Andhra Pradesh, which was a microfinance hub earlier, has been hit after the state government imposed a set of restrictive laws in October 2010 curtailing microfinance activity.

The move scared away many sector investors and prompted some small to mid-sized lenders to the poor to shut shop.

SKS, which employs 3,400 people in Andhra Pradesh, will cut 1,200 jobs, the company said in a statement, adding that it has decided to close 78 of the 180 branches it operates in the state…

Source:

Read More @ SKS to cut jobs, branches in Andhra Pradesh | Reuters.

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