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Spandana Sphoorty Financial raises $20 mn via ECB to fund business growth

Micro finance firm Spandana Sphoorty Financial Limited on Thursday said it raised $20 million from External Commercial Borrowings (ECBs) to fund business growth

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Press Trust of India New Delhi

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Micro finance firm Spandana Sphoorty Financial Limited on Thursday said it raised USD 20 million from External Commercial Borrowings (ECBs) to fund business growth.
The company has raised External Commercial Borrowings of USD 20 million with a tenure of 36 months, Spandana Sphoorty Financial said in a regulatory filing.
Last year, RBI had imposed a monetary penalty on Spandana Sphoorty for the company's failure to adhere to pricing of credit guidelines for Non-Banking Financial Company-Micro Finance Institutions.
In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, the RBI had said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 30 2023 | 5:34 PM IST

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