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SKS microfinance securitizes Rs 50cr loan with YES Bank
Submitted by mffocus on Thu, 05/19/2011 - 21:52
Microfinance Focus, May 19, 2011: SKS Microfinance, India’s largest and only listed microfinance institution has today securitized a loan worth Rs 50 crores comprising 65, 438 contracts with YES Bank. The portfolio is rated as PR1+ (SO) Highest Safety by rating agency CARE.
The securitization is of receivables from 7.3 lakhs micro borrowers from 18 states other than Andhra Pradesh where SKS is operational. The assignment follows a securitization of a pool of Rs 550 crores with assignee banks earlier this month.
Post Malegam notification, this is the first rated pool assignment transaction in microfinance sector.
“The development reiterates SKS Microfinance’s leadership position in the MFI sector and the confidence of the financial world in the MFI model followed by the company”, Mr. Dilli Raj, CFO of SKS said in statement.
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Sponsors & Partners 
It is time that Banks show
It is time that Banks show the discipline and MFIs start introspecting. The entire mess is created by Banks and aggressive MFIs who have thrown caution to winds with a feeling of "too big to fail".
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