Satin Creditcare Network Limited disburses first loan under the Prime Minister Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi)

 

Satin Creditcare Network Limited disburses first loan under the Prime Minister Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi)

 

India, October 28, 2020: Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404), one of the leading microfinance companies in the country, has announced that it has disbursed its first loan under the Prime Minister Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi) with an aim to financially empower street vendors by relieving their financial stress as well as contribute to their holistic development and economic upliftment. The loan of Rs 10,000/- was disbursed to Mr. Munna Lal from Rambagh, Agra who is a blacksmith who wishes to expand his small business.

 

In line with the vision of Aatmanirbhar Bharat, the scheme was launched by the Ministry of Housing and Urban Affairs in June 2020 to provide affordable loans to street vendors to resume their livelihood, adversely affected by the Covid-19 pandemic and subsequent lockdowns. With this social initiative, Satin Creditcare Network Limited continues to remain focused on driving financial inclusion, underlined by the strong commitment to extend the company’s reach and achieve socio economic progress for the vast number of people who are excluded by the mainstream financial providers..

 

Mr. HP Singh, Chairman and Managing Director, Satin Creditcare Network Limited said, “Given the dynamically evolving nature of today’s credit culture, keeping pace with customers’ unique needs and aspirations can be quite challenging. Satin has always championed the cause of deeply understanding the customer in the remotest pocket of India and providing product/ service offerings that ease financial stress and promote the spirit of entrepreneurship among small vendors and business owners. As an entity that has enabled financial inclusion and liberation for countless vulnerable and underprivileged communities in India, we are elated to take on the PM’s noble vision for a truly self-reliant Bharat forward through the Prime Minister Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi).”

 

Satin Creditcare Network Limited aims to continue to expand the vistas of their business and maximize its reach to the financially excluded population at the bottom of the pyramid to help them enhance their livelihood.