Bharat Financial Inclusion, CreditAccess Grameen gain 1-3% on direct assignment transactions

Bharat Financial Inclusion gained 1 percent and CreditAccess Grameen rallied 3 percent intraday Monday after the completion of direct assignment transaction.

Last weekend, Bharat Financial Inclusion said it had assigned a pool of receivables of an aggregate value of Rs 849.36 crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India.

This is the fifth direct assignment transaction in FY19 by the micro finance lender.

With this transaction, the company said it had completed direct assignment transactions worth Rs 3,864.91 crore in FY19.

CreditAccess Grameen also completed its Direct Assignment transaction of Rs.176.59 crore on December 28.

"With this transaction, the company has completed 5 securitization transactions and two direct assignment transaction totalling to Rs 909.70 crore in FY19," it said, adding the entire pool qualifies for priority sector treatment as per the Reserve Bank of India's priority sector lending guidelines.

At 14:48 hours IST, CreditAccess Grameen was quoting at Rs 383.05, up Rs 4.85, or 1.28 percent and Bharat Financial Inclusion was quoting at Rs 1,011.85, up Rs 6.70, or 0.67 percent on the BSE.