SKS Microfinance, India`s largest and world`s fastest growing microfinance institution, has recently completed a unique securitization deal worth Rs 1 billion with Yes Bank.
The transaction the first securitization deal in India to get CRISIL`s highest safety rating – allows the bank to purchase 1, 48,950 micro loans extended to unbanked SC, ST and minorities families identified by the RBI as weaker sections and hence a priority.
Announcing this landmark transaction, S. Dilli Raj, CFO of SKS Microfinance said, “With this transaction, a new asset class is born. For the first time in the Indian MFI history, a securitized pool is rated P1+ (SO) which is the best possible rating and showcases SKS`s structuring and financial innovation skills.
Read more : myiris.com