New Delhi: Satin Creditcare Network Limited, the second largest microfinance company in India, has entered into a strategic Business Correspondent (BC) partnership with IndusInd Bank.
Till date, SCNL has disbursed more than Rs. 200 cr. across Bihar, West Bengal, Uttar Pradesh, and Rajasthan under this partnership, and is looking forward to the opportunity to scale up in the short term.
SCNL has also diversified into housing finance and BC partnerships with other banks/NBFC through its subsidiaries Satin Housing Finance Limited and Taraashna Services Limited respectively. Lending for micro, small, and medium enterprises (MSME) is currently managed by the parent company SCNL.
Along with product diversification, SCNL is also working towards nationwide presence. It has recently commenced operations in South India, with the first loan disbursement in Chennai, Tamil Nadu. With this, SCNL is now operationally present in 21 states and union territories. The company also plans to enter Karnataka market later this year.
With a total asset under management (AUM) of INR 6,025.70 cr. at Q1FY19, and over 30 lakh financially active women as its clients, SCNL already has a strong foothold in North-East, Uttar Pradesh, Bihar, Madhya Pradesh and Punjab. Last year, it started microfinance operations in North Eastern states, i.e., Assam, Meghalaya and Tripura.
"Partnership with IndusInd Bank will be a key enabler to achieve this objective. We have also made a strong start in MSME and housing finance and expect a robust growth in these segments. All our efforts are aimed at optimizing business risk and ensuring a robust top and bottom-line in the long run," said HP Singh, Chairman and Managing Director, Satin Creditcare Network Limited.
To empower its clients with better quality of life, SCNL also extends solar, water, and sanitation loans. The company has partnered with global firms such as TWP, Greenlight Planet and d.light to disburse solar loans in Uttar Pradesh, Bihar, Haryana, Punjab, Rajasthan, Orissa, Assam, and Jharkhand. Moreover, through its partnership with Water.org, SCNL has disbursed more than 80,000 water and sanitation loans in Bihar.