India’s second largest microfinance company Satin Creditcare Network Limited (SCNL) has entered into a strategic Business Correspondent (BC) partnership with private lender IndusInd Bank.
So far, SCNL has disbursed over Rs 200 crore across Bihar, West Bengal, Uttar Pradesh, and Rajasthan under this partnership. The microfinance institution (MFI) is now planning to escalate in the short term.
SCNL has diversified its services into a wide range of domains such as housing finance and BC partnerships with other banks/NBFC through its subsidiaries Satin Housing Finance Limited and Taraashna Services Limited respectively. Lending segment for micro, small, and medium enterprises (MSME) is currently handled by the parent company SCNL.
In addition, SCNL has recently kicked-off its operations in South India, with the first loan disbursement in Chennai, Tamil Nadu.
The MFI is now operational across 21 states and union territories. The company is also planning to enter Karnataka market later this year.
“Our business strategy is to strike the right balance between secured and unsecured lending and enhance the quality of our portfolio. 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.