Suryoday SFB Tier II (IFC-41079)

  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Maharashtra, Gujrat, Tamil Nadu, Karnataka, Orissa, Madhya Pradesh, Chhattisgarh and Puducherry
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 31, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 17, 2019

Disclosed by Bank Nov 26, 2018

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Suryoday Small Finance Bank Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Suryoday Small Finance Bank
Mr. Bhavin Damania
Chief Financial Officer
1101, Sharda Terrace, Plot No.65, Sector 11, CBD Belapur,Navi Mumbai – 400614


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

How it works

How it works