SKS Microfinance, India`s largest and world`s fastest growing microfinance company and ICICI Bank, have (Q, N,C,F)* completed a securitisation deal worth Rs. 2 billion which allows the bank to purchase loans extended to weaker sections.

SKS Microfinance through its program will deliver income-generating loans of averaging Rs.9,500 to over 200,000 unbanked families belonging to SC, ST and minorities identified by the RBI as ``weaker section`` and hence a priority.

The partnership will be able to combine SKS robust customer acquisition and management model with ICICI`s extensive experience in financial structuring for microfinance institutions, networks and investors in emerging markets to fulfill a shared objective of greater financial inclusion and poverty alleviation through commercially viable and sustainable lending programs.

Announcing this transaction, S. Dilli Raj, CFO of SKS Microfinance said, ``For the first time in the MFI history, a pool comprising receivables exclusively from the weaker sections of the society is securitised and placed with ICICI Bank. We will continue to manage these receivables for ICICI Bank through the term of these receivables. This structure achieves amalgam of the funding capability of a banking giant like ICICI and the credit delivery skills of SKS.``

SKS Microfinance is a non-banking finance company (NBFC) currently has a member base of 3.6 million and has disbursed loans worth Rs 57.88 billion through its 1,373 branches across 18 Indian states. It has seen an annual growth rate of 200%.