Satin Creditcare Network to seek universal banking licence in two years

Satin Creditcare Network, a microfinance lender, is planning to seek universal banking licence in two years. The company has been recently denied permission to set up a small finance bank by RBI. Despite satisfying the criterion set by Reserve Bank of India (RBI) to get licence as small finance bank (SFB), Satin Creditcare last year missed the licensing nod alongside another micro lender SKS Microfinance.

Satin Creditcare Network was formed in 1990 as a Non-Banking Finance Company (NBFC) with the simple concept of providing individual loans to urban shopkeepers for tiny businesses. Since then the company has expanded and evolved into one of the leading microfinance institutions in India with its current geography in North as well as Central India.