In an India Development Blog post The Identity Crisis in Indian Microfinance Brajesh says:
"In a recent meeting I had with a CEO of a MFI, he told me that he had over a decade of experience in micro finance but no experience in development."
There is an announcement of an Event: The Global Implications of India’s Microcredit Crisis at Center for Global Development. It seems that Swaminathan Aiyar may participate.
My take: leave it to essentially non-profit local micro organizations. See also C.S.Reddy's article Will the Indian SHG Movement Withstand the Competition offered by MFIs?