Micro finance company Satin Creditcare Network Limited has decided to hive off its micro, small and medium enterprises (MSME) lending business to a separate non-banking finance company.
Satin CMD H P Singh said,"We are in the process of applying to RBI for approval for NBFC. Till then, we continue to do this lending under Satin Creditcare."
The MSME lending business will be handled by Satin Finserv Ltd. Satin is hiving it off because 85% of its lending has to be micro finance lending, according to RBI rules.