Dr. Thiagarajan founded the Microcredit Foundation of India (MFI) in 2002 and subsequently Madura Micro Finance Ltd (MMFL) in 2005.

These ventures, the seeds of his far-reaching vision for rural development, followed his tenure as Chairman and CEO of Bank of Madura Ltd. Under his Chairmanship, Bank of Madura rapidly grew fourfold, to become one of the largest and most profitable private banks in South India. In addition, Bank of Madura became known both for its advanced technology as well for being a successful pioneer in the area of rural banking.

In 2000 Bank of Madura was merged with ICICI Bank. Dr. Thiagarajan stepped down shortly thereafter to dedicate his wholetime efforts to rural development.

His efforts were founded on the principle that true development of the rural economy could occur only through profit making, growth oriented vehicles that played a role in both stimulating the rural economy as well as integrating it with urban economies.

Although rooted in for-profit enterprise, he approached this venture with a deep sense of mission, bringing together people with a similar commitment at all levels. In keeping with his idealistic goals, he strove to impart a strong sense of citizenship among both employees and SHG members, placing equal importance on the social and education components of the SHG effort. He envisioned every SHG member as not only financially independent but also empowered with a strong sense of commitment to social change and the strength of numbers. In testament to the character he strived to impart to the SHG movement, MFI SHGs have stepped well beyond their role as borrowers, joining together to enhance their communities in various ways. For instance, group members have banded together to purchase ceiling fans for the anganwadis (rural creches) in their village and books for needy students, bring public bus service to their village and resolve domestic and communal issues in their communities.

With deep family roots in rural Tamil Nadu coupled with an MBA and PhD from the University of Pittsburgh in the United States, Dr. Thiagarajan was equally proficient in English and Tamil and moved easily between village gatherings and the corporate board room. Many remember him sitting cross legged beneath a tree talking with village women about proper financial management while others remember him as Chairman and CEO of a successful commercial bank. Still others remember him for his artistic side. He was a sculptor, tribal art collector and deeply interested in classical Tamil literature. With a wide range of interests and a genuine love for life, he was able to relate to a broad cross-section of society and brought a wide perspective to his undertakings.

The employees and members of MFI and MMFL mourn his passing but take heart in the sense of mission he left behind.