Micro lender SKS Microfinance said on Friday it has completed another round of securitisation by passing on receivables worth Rs 162.62 crore to a private sector bank. Receivables from loans extended to 1.90 lakh rural women entrepreneurs, which qualify as priority sector lending under RBI guidelines, were downloaded to a special purpose vehicle and the pass through certificates have been purchased by a “private sector bank”, it said.
Under the PSL guidelines, banks are mandated to lend nearly 40% of their annual lending to the deprived sections of the society. Most banks fail to reach the target, failing which the differential funds get parked in the low yielding rural infrastructure guarantee fund. This is the eighth round of securitisation carried out by the company this fiscal.