IndusInd Bank partners Grameen Capital

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Mumbai, Aug 20: Private sector lender IndusInd Bank, in association with Grameen Capital India and SKS Microfinance, has announced the closure of a Rs 100 crore assignment of microfinance receivables.

This transaction was structured and arranged by Grameen Capital India and comprised a pool of advances to the agriculture and allied sectors. SKS Microfinance has signed a management and collection agreement with the bank and would continue to administer these loans and channel the collections to the bank, the bank said in a release today.

IndusInd Bank has been assigned micro finance receivables totalling Rs 150 crore- the first tranche of Rs 100 crore transaction was closed on July 29, 2008 and the second tranche is slated to be concluded in February 2009, it added.

UNI

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