Satin Creditcare Network (SCNL) has successfully completed merger of its wholly owned subsidiaries, Taraashna Financial Services (TFSL), with Satin Finserv (SFL). The decision to merge the two businesses was made to capitalize on the underlying synergies and to develop capabilities that would make the combined entity stronger.
The assets and liabilities of TFSL, the transferor company, including its operations and capital are being transferred to SFL, leveraging gains in the operational metrics, bringing the AUM to Rs 764 crore and marking presence in 10 states through 175 branches. Satin Finserv was incorporated in 2018 as a wholly owned subsidiary of SCNL. It is an RBI registered Non-Banking Financial company that offers loans to the Micro, Small & Medium Enterprises (MSMEs) in manufacturing, trading and services. Now, with the amalgamation of TFSL, the company will also engage in business correspondent activities with various banks and NBFCs.
Satin Creditcare Network is one of the largest Microfinance Institutions (MFI) in Northern India.
