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Akula had reportedly launched a mobile banking venture after roping in some SKS Microfinance executives when he quit the microlender.

Somewhere along the road, I lost the ability to control the philosophical direction of SKS, said Akula in the Business Standard interview.

There were failed attempts to reach a settlement with Gurumani on his exit terms, forcing the board to fire him, Akula said.

The trust has nominated Akula, as he has 'extensive experience in microfinance and is uniquely qualified to help the company', according to Gujja.

Rao is best suited for the second phase of our growth. Akula said the firm plans to foray into microhousing and lending against gold.