Satin Creditcare gets $15mn ECB funds from Austrian Bank
Satin Creditcare Network Ltd (SCNL), one of the leading microfinance companies in India, has received External Commercial Borrowing (ECB) funding of $15 million from OeEB, the Development Bank of Austria, to accelerate its microfinance lending portfolio.
The investment will support SCNL in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 22 states, the company said.
This will be the third round of ECB funding by a foreign institution in SCNL whilst showcasing their continuous interest in the company and the Microfinance sector in India.
The first ECB investment in SCNL was by World Business Capital and second investment was by responsibility investment.
This is OeEB's first investment in MFI industry in India under the new ECB guidelines. OeEB works in developing countries and emerging markets and provides financing for sustainable economic development.
HP Singh, Chairman & MD, SCNL said, "We are delighted that OeEB, Development Bank of Austria rest strong trust in SCNL by making us their first choice of funding in India. The funding from OeEB will help us to strengthen our ongoing credit lending services to a larger section of existing and potential customer base and accelerate our reach across India."
Sabine Gaber, Member of the Executive Board of the Development Bank of Austria, commented, "Increasing financial inclusion is one of our main strategic goals. We are therefore proud to work with SCNL - an experienced partner in the field of microfinance. Especially women often have very limited access to financial services, which is why we are particularly happy that our funds will support female entrepreneurs and contribute to improving gender equality in India."
With an outstanding portfolio of Rs 7,182 crore and serving over 3.6 million customers, SCNL has been given again the top industry grading by CARE to MFI1 grading.IANS
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