ADB invests USD 10 mn in Satin Creditcare Network

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ADB invests USD 10 mn in Satin Creditcare Network

New Delhi, Apr 27 (PTI) The Asian Development Bank (ADB) has made an equity investment of USD 10 million in Satin Creditcare Network Limited (SCNL) to support women’s access to finance in rural and semi-urban areas in India.

“ADB is very pleased to become a shareholder in SCNL,” ADB said in a statement today.

The statement further said the investment will be used to increase SCNL’s capital base to expand and broaden the coverage of its financial services, particularly covering those underserved and unserved households in rural parts of India.

According to the statement, ADB will also provide capacity-building technical assistance (TA) of up to USD 500,000 to support Satin improve its key operations areas, particularly in corporate governance and risk management, as well as assist the company in rolling out its cashless transaction platform.

Satin Creditcare Network Limited is a non-banking finance company that provides micro finance in India. It provides loans to urban and rural customers to meet their productive requirements for starting new businesses or growing existing businesses.

Satin Creditcare Network Limited was founded in 1990 and is headquartered in New Delhi.

This is published unedited from the PTI feed.