Thursday, Apr 25 2024 | Time 10:33 Hrs(IST)
image
Business EconomyPosted at: Dec 15 2018 3:18PM


Satin Creditcare raises USD 30 mn NCD from FMO to accelerate microfinance lending portfolio

New Delhi, Dec 15 (UNI) Satin Creditcare Network Limited (SCNL) one of India’s leading microfinance companies, has raised USD 30 mn Non-convertible debentures (NCD) from the Netherlands Development Finance Company (FMO) to accelerate its microfinance lending portfolio.

The investment will support Satin Creditcare in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its operations in more than 20 states. Satin Creditcare has recently forayed in digital lending “Loan Dost” for its urban borrowers to enhance the business portfolio.

Speaking on the development, SCNL Chairman and Managing Director H P Singh said, “The new funding is a reflection of the strong support and the trust that SATIN enjoys with its banking partners. We are excited about our partnership with FMO and are delighted to be associated with its legacy. With the new capital pool at our disposal, we will be looking at strengthening our ongoing credit lending services to a larger section of our existing and potential customer base”.

Commenting on the partnership, Huib-Jan de Ruijter, Director Financial Institutions of FMO said: “Supporting women is an important part of FMO’s strategic vision. We strongly feel that Satin is an ideal partner in taking forward this vision as it has a strong focus on providing microfinance to the underserved communities, especially economically active women in rural and urban areas. We are sure this collaboration will help us make significant contributions to promoting gender equality and job creation in India.”

With an outstanding portfolio of Rs 6,191.4 crore and serving over 3.2 million customers, Satin Creditcare has been given the top industry grading by CARE ratings to MFI 1 (MFI One), according to
a company statement here on Friday
UNI RSA ADG 1518
Please log in to get detailed story.
Tags: #Satin Creditcare raises USD 30 mn NCD from FMO to accelerate microfinance lending portfolio
More News

Royaloak Furniture launches 14th store in AP; 169th store in country

24 Apr 2024 | 10:05 PM

Bhimavaram (AP), Apr 24 (UNI) Royaloak Furniture, India’s renowned furniture brand, on Wednesday announced the inauguration of a new store here on Wednesday.

see more..

NSE launches derivatives on Nifty Next 50 Index

24 Apr 2024 | 9:16 PM

Mumbai, Apr 24 (UNI) National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index on Wednesday.

see more..

KABIL signs MoU with CSIR-NGRI for geophysical investigations

24 Apr 2024 | 7:47 PM

Bhubaneswar, April 24 (UNI) Khanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.

see more..

Dish TV revolutionises entertainment with ‘Dish TV Smart+’ services

24 Apr 2024 | 7:31 PM

Kolkata, Apr 24 (UNI) Dish TV has taken a path-breaking initiative to redefine the entertainment experience in India.

see more..

TRAI recommends sharing of active, passive infra by telecom providers

24 Apr 2024 | 7:03 PM

New Delhi, April 24 (UNI) With a view to improve quality of services and reducing cost, the telecom regulator TRAI on Wednesday recommended sharing of active and passive infrastructure among telecom service providers, a move that would help setting up network quickly across the nation.

see more..
image