According to the bank website, the proposed project envisages a debt investment in Suryoday Small Finance Bank (“Suryoday” or the “Bank”) headquartered in Navi Mumbai, Maharashtra with a borrower base of more than 850 thousand borrowers and a loan portfolio of approximately INR19.4 billion (US$277 million equivalent) as of June 2018.
IFC stated that "the Project will help in expanding the outreach of access to microfinance to borrowers who have little or no access to formal sources of financing, including borrowers in low income states of India which have amongst the highest population densities and poverty rates in the country; and would help demonstrate the sustainability of lending to the micro-small business enterprises and build investor confidence in alternate means of providing microfinance through various channels.
According to IFC, Suryoday was founded by Mr. Baskar Babu who is a professional with a substantial experience in banking and financial services in institutions such as Cholamandalam Finance, HDFC Bank and GE Commercial Finance. Other shareholders include specialized microfinance funds such as Lok Capital Group, other domestic and foreign private equity funds and HNI investors, in addition to the HDFC Group through HDFC Holdings Limited and HDFC Standard Life Insurance.
Suryoday is amongst the few SFBs that focus on providing micro loans to women borrowers in urban and semi-urban areas. Its target customers include self-employed women working as vegetable or fruit vendors, small shop owners, sari sellers, tailors, salaried women working as cooks, house maids, small factories and piece rate workers involved in tailoring etc. Suryoday has been proactive in deployment of technology and over the years established itself as a customer centric institution with a commitment to responsible finance.
Suryoday Small Finance Bank
Mr. Bhavin Damania
Chief Financial Officer
1101, Sharda Terrace, Plot No.65, Sector 11, CBD Belapur,Navi Mumbai – 400614
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