"ADB is very pleased to become a shareholder in SCNL," ADB said in a statement today.
The statement further said the investment will be used to increase SCNL's capital base to expand and broaden the coverage of its financial services, particularly covering those underserved and unserved households in rural parts of India.
According to the statement, ADB will also provide capacity-building technical assistance (TA) of up to USD 500,000 to support Satin improve its key operations areas, particularly in corporate governance and risk management, as well as assist the company in rolling out its cashless transaction platform.
Satin Creditcare Network Limited was founded in 1990 and is headquartered in New Delhi.