ADB Assistance to Indian Microfinance Co

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Apr 2017
India, April, 27 2017 - The Asian Development Bank (ADB) has provided a $10 million equity investment to Satin Creditcare Network Limited (SCNL) to support the improvement of women’s access to finance in rural and semi-urban areas in India, Bureaucracy Today has learnt.

The $10 million equity investment will be used to increase SCNL’s capital base to expand and broaden the coverage of its financial services, particularly covering those underserved and unserved households in rural parts of India.

Apart from the equity investment, ADB will also provide capacity-building technical assistance of up to $500,000 to support Satin improve in key operations areas, particularly in corporate governance and risk management, as well as assist the company in rolling out its cashless transaction platform.

SCNL was the fifth largest microfinance institution in terms of Gross Lending Portfolio as on Mar 31, 2016 with a strong presence in north India.

It started operations in 1990 as a provider of individual and small business loan and savings services to urban shopkeepers.

SCNL has an excellent track record of providing much needed access to finance primarily to lower income women with a large portion of its lending in less developed states in India — two key strategic areas for ADB’s financial institutions funding in India.

Access to credit in India remains limited, especially among women living in rural and provincial states.

ADB has a relationship with SCNL since 2012 when it became the first microfinance institution to join ADB’s Microfinance Risk Participation and Guarantee Program.



 

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