Zeebiz.com
Hyderabad, June 16: The Andhra Pradesh government has cancelled the registration of SKS Microfinance to conduct business in Mahabubnagar District in the state for not following rules.
According to a letter issued by the District Rural Development Agency (DRDA) to India's only listed micro lender, the agents of the company visited individual houses for collection in violation of Andhra Pradesh Microfinance Institutions (Regulation of Money Lending) Act, 2010
''Since SKS Microfinance has violated the conditions of MFI Act, the registration is hereby cancelled with immediate effect and SKS Microfinance is prohibited from conducting financial activities in Mahbubnagar District,'' the state government order said.