The Hindu Business Line : SKS Microfin invests Rs 8 cr in IT initiative

Bangalore, Feb. 6 SKS Microfinance Pvt Ltd, which has 631 micro finance branches in India, said it invested about Rs 8 crore in information technology to cut cost and increase its operations.

The company is looking to increase its customer base to 42 lakh from the present 17 lakh, and open 1,500 branches by March 2009, said Mr Vikram Akula, Founder and Chief Executive.

Mr Prashant Gupta, Vice-President, Business development, Strategy & IT, said the investments in IT have started since May 2007, and would be complete by May 2008.

The company has tied-up with Compulink Systems Ltd, Tulip IT, HCL Infosystems, Wipro Infotech and Microsoft India to implement the present initiative.

Mr Akula said the company’s branches were not interconnected, which made communication between them expensive. Moreover, there was no centralised repository where data could be stored.

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