India
SKS, ICICI complete securitisation deal
Hyderabad | Thursday, Feb 19 2009 IST
SKS Microfinance, India's largest and world's fastest growing microfinance, and ICICI Bank, India's second largest bank, have completed a unique securitisation deal worth Rs 200 crore, allowing the bank to purchase loans extended to weaker sections. In a statement here today, SKS Microfinance CFO S Dilli Raj said the programme would deliver income-generating loans of averaging Rs 9,500 to over 2,00,000 unbanked families belonging to SC, ST and minorities identified by the RBI as 'weaker section.' The partnership combines SKS's robust customer acquisition and management model with ICICI's extensive experience in financial structuring for microfinance institutions, networks and investors in emerging markets to fulfil a shared objective of greater financial inclusion and poverty alleviation through commercially viable and sustainable lending programmes, he added. SKS Microfinance currently has a member base of 3.6 million and 1,373 branches across 18 Indian states. The company has disbursed loans worth Rs 5,788 crore. -- (UNI) -- 19MC5.xml
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