SATIN CREDITCARE NETWORK LIMITED (FMO-55238)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 11, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Satin Creditcare Network Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 29.93 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 2130.00 MLN
Converted using 2019-01-16 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 17, 2019


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

Project Description

According to the bank website, Satin Creditcare Network Limited, will issue senior secured Non-Convertible Debentures CDs of [?]213 crore (USD 30mln equivalent) to FMO for a tenure of 5 years. The funds raised will be used to further the growth of Satin's microfinance portfolio.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

According to FMO, Satin Creditcare Network Limited was conceptualized and founded in 1990. In around 28 years since its inception, Satin today is India's second largest MFI (as of Dec 2018) having started its journey with individual micro loans to urban shopkeepers. Today, the Company has an established, scalable and a sustainable business model. Satin offers its clients a variety of loan products under the MFI segment. As of September 2018, Satin had over 850 branches and a headcount of more than 9,000 employees across 19 states and union territories. Satin has a strong presence throughout Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Assam, West Bengal and Odisha and is a dominant player in other states of operations.

Contact Information

No project-specific contact information available at time of writing.

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism