The investment will support SCNL in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 22 states. 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.
Meanwhile, Satin Creditcare Network Ltd shares are currently trading at Rs226.65 up by Rs0.75 or 0.33% from its previous closing of Rs225.90 on the BSE.
This is OeEB’s first investment in the MFI industry in India under the new ECB guidelines. OeEB works in developing countries and emerging markets and provides financing for sustainable economic development.
H P 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.”
With an outstanding portfolio of Rs7,182cr and serving over 3.6 million customers, SCNL has been given again the top industry grading by CARE to MFI1 grading.