Spandana Sphoorty Financial has raised $20 million from External Commercial Borrowings (ECBs) to fund business growth. The company has raised External Commercial Borrowings of $20 million with a tenure of 36 months.
Last year, RBI had imposed a monetary penalty on Spandana Sphoorty for the company's failure to adhere to pricing of credit guidelines for Non-Banking Financial Company-Micro Finance Institutions. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions.
Spandana Sphoorty Financial is a leading, rural focused NBFC-MFI with a geographically diversified presence in India.
