In his zeal to empower the poor to become economically self-reliant, Vikram Akula founded SKS Microfinance in 1998.
It is one of the fastest growing microfinance organisations in the world, having provided over $550 million (Rs 2,200 crore) to 1,721,155 women in poor regions of India.
Borrowers take loans for a range of income-generating activities, including livestock, agriculture, trade (such as vegetable vending), production (from basket weaving to pottery) and new age businesses (beauty parlour to photography).
SKS also offers interest-free loans for emergencies as well as life insurance to its members. Its NGO wing SKS foundation runs the Ultra Poor Program.
Career graph:
Previously a management consultant with McKinsey & Company, Vikram has over a decade of work and research experience in microfinance.
He was a Fulbright Scholar in India, during which he coordinated an action-research project on providing micro-credit for food security.
He was also researcher with the Worldwatch Institute, where he wrote articles focused on poverty and development.
He has also worked as a community organizer with the Deccan Development Society in India.
Education:
B.A. from Tufts University, USA
M.A. from Yale University, USA
Ph.D. from the University of Chicago.
Awards
Echoing Green Public Service Entrepreneur Fellowship.
The Ernst and Young Entrepreneur of the Year 2006: Akula was adjudged entrepreneur of the year for a new startup
He was named the India Social Entrepreneur of the Year. Sonia Gandhi, Chairperson of the United Progressive Alliance and President of the India National Congress, presented the award to Akula during the WEF's India Economic Summit in 2006
Time magazine Asia: The People Who Shape Our World for 2006. Akula heads the category 'Builders & Titans' captioned, "Innovation, grand plans, style and substance - that's what it takes to be influential in the world of business."
The Week: Featured among Emerging Indians in 2007
India Today: Ranked 48 in 2007 Power list
Nand & Jeet Khemka Foundation and Schwab Foundation: Social Entrepreneur Award of the Year – India, in 2006.
Why he started SKS:
"I started SKS because I was overwhelmed by the poverty I saw in India and was looking for a way to catalyze rapid economic development for the poor."
SKS currently has 700 microfinance branches in 15 states across India. SKS aims to reach 4,000,000 members by 2009.
Akula was born in Hyderabad and moved to the US when he was only 3 years old.
Image: Sonia Ganhdi (L) chairperson of United Progressive Alliance and president, Indian National Congress Party presents the Social Entrepreneur of the year 2006 to Vikram Akula (R) during the India Economic Summit in New Delhi.
Photograph: Manpreet Romana/AFP/Getty Images
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