MUDRA Invests in Janalakshmi Securitised Debt
Kolkata: MUDRA Bank has invested .₹ 50 crore in a securitisation deal with Janalakshmi Financial Services, helping release capital for the micro lender which is busy in small finance bank preparation, reports Atmadip Ray.
This marks MUDRA’s first-ever participation in a capital market deal as the MSME loan facilitator looks to explore life beyond refinance given to lenders against their existing loans. MUDRA Bank has been the outcome of government’s initiative to increase lending towards small businesses.
Its chief executive Jiji Mammen told ET that the newly formed refinancing bank was trying out new instruments to help MSMEs access capital market. “This (securitisation) is something which is sophisticated and we would like to facilitate the market grow by investing in such instruments,” Mammen said. MUDRA has invested in securitised MSME loan portfolio of Janalakshmi. These are short-term loans with 1.5-year maturity. Mammen said the investment is done at around10% rate.