India: Mudra Bank Disburses Rs. 35 Cr Loan to Satin Creditcare

Jul 2015
India, July, 15 2015 - Micro Units Development & Refinance Agency (MUDRA) Bank has disbursed Rs. 35 crore loan to Satin Creditcare Network Ltd (SCNL).

Delhi-based SCNL has become the first microfinance institution (MFI) in the Indian microfinance sector to have received a loan from MUDRA Bank.

"We will look to disburse this amount (Rs 35 crore) in next three months. This will cater to 15,000-20,000 beneficiaries, who will be mainly small retailers, vegetable vendors and other small entrepreneurs", Vivek Tiwari, Chief Operating Officer, Satin Creditcare told Business Line.

H.P.Singh, Chairman, SCNL said that this loan from MUDRA Bank was a first for the Indian microfinance sector and steps would be taken to provide financial assistance to large number of households that are excluded from the ambit of mainstream financial service providers.


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