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Satin Creditcare raises US$ 30 mn NCD from FMO

ANI  |  New Delhi (India) 

One of India's leading microfinance companies the Satin Creditcare Network Limited (SCNL) raised US dollar 30 million 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 portfolio.

"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," said HP Singh, Chairman and Managing Director, SCNL.

"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," said Huib-Jan de Ruijter, Director Financial Institutions of FMO

With an outstanding portfolio of Rs. 6,191.4 crores and serving over 3.2 million customers, Satin Creditcare has been given the top industry grading by CARE ratings.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, December 16 2018. 10:25 IST