Rabo India closes INR 500 million lending credit facility to Spandana Sphoorty Financial Limited
Spandana is the most efficient Micro Finance Organization in the world and the best rated Organization with a rating of “P1 on short term and “A- Stable outlook on long term” as assigned by CRISIL. It has already reached out to over 3.1 million clients with a portfolio of INR 23330 million. Spandana aims at providing innovative financial solutions to the poor in a sustainable manner and to its credit has one of the lowest operating cost structures in Asia. Spandana emphasizes on sustainable focus oriented growth towards offering financial services to the un-served population of the country.
This facility is under Rabo India’s Microfinance portfolio. Rabo India provides a suite of financing and capital market products to enable Microfinance Institutions to access the debt and capital markets efficiently. As a leading AAA rated cooperative bank, globally Rabobank works with partners to reach out to the rural sector.
“The Indian microfinance sector continues to mature with the MFI portfolio increasing during the last year despite the credit crisis. Repayment rates have also remained robust through the crisis. Rabo India is keen to continue to deepen the relationship with Spandana and other players in the microfinance industry.” said Surojit Shome, Chief Executive Officer, Rabo India Finance.
“We are delighted to commence the borrowing relationship with Rabo India Finance, part of the AAA rated Rabobank Group, which helps us to provide access to many more deserving women micro-entrepreneurs of India.” said Ms. Padmaja Reddy, CEO, Spandana.