The transaction involves an equity investment of up to $10 million (in Indian rupee equivalent) in Satin Creditcare Network (Satin) for Supporting Access to Finance for Women in Lagging States in India.
|Project Name||Supporting Access to Finance for Women in Lagging States Project|
|Borrower/Company||SATIN CREDITCARE NETWORK LIMITED
|Type or Modality of Assistance||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Private sector development
|Sector / Subsector||
Finance / Inclusive finance
|Gender Equity and Mainstreaming||Gender equity|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Doukidis, Doukas|
|Description||The transaction involves an equity investment of up to $10 million (in Indian rupee equivalent) in Satin Creditcare Network (Satin) for Supporting Access to Finance for Women in Lagging States in India.|
|Objectives and Scope||The ADB funding consists of an equity investment of up to $10 million equivalent in Indian rupees, and will represent about 4% of issued capital. Satin will use the proceeds of the ADB investment to increase its capital base, with the objective of expanding responsible financial services to underserved and unserved households in rural and semi-urban India. ADB will obtain the right to nominate a member to the board of directors. Under separate approval, ADB will provide capacity building technical assistance in an amount of up to $500,000, which will accompany the ADB funding and will support the company in key areas such as corporate governance, risk management, and assisting the company with further rolling out its cashless transaction platform.|
|Linkage to Country/Regional Strategy||The Midterm Review of Strategy 2020 emphasizes ADB''s support to the finance sector. The proposed investment contributes to financial sector development by supporting the growth of an MFI, with microfinance being an important component of the financial sector in India. The Midterm Review of Strategy 2020 also seeks to promote inclusive growth. Without access to formal financial services, lower income people or underserved segments will be excluded from the growth process and its benefits. According to the India country partnership strategy, 2013 -2017, ADB's nonsovereign operations will continue to support the finance sector by undertaking projects in support of the country''s financial infrastructure. The proposed investment will support the development of microfinance in India, one of the financial infrastructures identified as a high priority for the government. It will also support lending growth in lagging states, another priority area of the government. The project is also aligned with ADB's Gender Equality and Women's Empowerment Operational Plan, 2013 -2020.|
|Summary of Environmental and Social Aspects|
|Environmental Aspects||Satin's business activities, as well as that of its subsidiaries, have minimal or no adverse environmental impacts, and are unlikely to entail impacts on involuntary resettlement and indigenous peoples.|
|Involuntary Resettlement||Operations of Satin and its subsidiaries are not likely to have involuntary resettlement impacts.|
|Indigenous Peoples||Satin's operations and that of its subsidiaries are not likely to have indigenous peoples impacts.|
|Stakeholder Communication, Participation, and Consultation||Participatory approaches are integrated in Satin's loan cycle processes beginning with the client selection up to loan utilization check. Satin's area level assessment includes account population, household incomes, employment, crime rate, and competitive intensity in the area.|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||31 Aug 2016|
|Credit Committee Meeting||07 Mar 2017|
|Approval||05 Apr 2017|
|Last PDS Update||22 Mar 2019|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
|Title||Document Type||Document Date|
|Proposed Equity Investment in CreditAccess Asia: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Jan 2018|
|Supporting Access to Finance for Women in Lagging States Project: Faster Approach to Small Nonsovereign Transactions (FAST) Report||Faster Approach to Small Nonsovereign Transactions||Apr 2017|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
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