fbpx 50209-002: Supporting Access to Finance for Women in Lagging States Project | Asian Development Bank

India: Supporting Access to Finance for Women in Lagging States Project

Nonsovereign (Private) Project | 50209-002 Status: Active

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 Details

Project Officer
Doukidis, Doukas Private Sector Operations Department Request for information
Country
  • India
Sector
  • Finance
 
Project Name Supporting Access to Finance for Women in Lagging States Project
Project Number 50209-002
Borrower/Company SATIN CREDITCARE NETWORK LIMITED
Country India
Location Nation-wide
Type or Modality of Assistance
7511 Equity Ordinary capital resources USD 10.00 million Committed
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
Project Sponsor(s)
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.
Safeguard Categories
Environment FI-C
Involuntary Resettlement FI-C
Indigenous Peoples FI-C
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

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