........The headcount at another microlender, Spandana Sphoorty Financial Ltd, has come down to 4,400 from 13,500 in October 2010. While some of the former employees moved to other private financiers, many still remain jobless. Before the crisis, Andhra Pradesh was the biggest market for microfinance, accounting for more than one-fourth of the total assets of the industry. The southern state is now home to about Rs.6,000 crore of bad loans. MFIs depend on loans from large commercial banks. In 2011, banks restructured about Rs.6,000 crore worth of loans to six microlenders after the Reserve Bank of India (RBI) allowed them to do so without terming them non-performing assets or bad loans.........
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