Every great story begins with a seed of thought, an idea that took root in a visionary mind and grew into a possibility beyond imagination. Such was the case of a remarkable young man, who is known and revered as the charismatic founder of one of India’s leading microfinance institutions – Mr. HP Singh of the Satin Creditcare Group (SCNL).

While working as a chartered accountant in Delhi in 1998, Mr. Singh came across several individuals and households purchasing television sets and other items on a ‘rent-to-own’ scheme that allowed the buyer to pay a daily rental amount for a period of time before eventually taking ownership of the item. It was then it struck him that small business owners and grassroots entrepreneurs could also benefit from such a financial scheme as they were unlikely to have large lump sum amounts for capital investment. At a time when Citibank was the only traditional financial institution offering small, unsecured loans to individual entrepreneurs, Mr. Singh set out to cater to a large number of underserved sections of society, with the hope that the loans provided to these low-income households would have lasting impact on their livelihood pattern thanks to the increased income potential, sustained and predictable cash flow; thus subsequently ensuring the societal wellbeing of the household. To do this, he began structuring loan repayments as a daily rather than monthly installment, made it easier for borrowers to deal with at this level. This simple yet brilliant idea was base on which the SCNL business model was built and it continues to flourish till today.

In October 1990, Satin Creditcare was incorporated and commenced operations in East Delhi, widely considered one of the most difficult territories for financial service companies to enter. This once achieved, the company soon expanded all across Delhi, penetrating rural areas through the ‘Grameen Model’ starting May 2008.

The core of SCNL operations is essentially Joint Liability Lending at rural and semi-urban areas, with fortnightly and monthly repayment options for its borrowers. The company aims to provide affordable microcredit for productive activities through both group and individual lending basis. These borrowers typically lack access to funds from other formal financial institutions and taking these loans eventually increase their income generating capacity. As a result, employment, social welfare and a healthy working environment are the happy by-products of SCNL’s operations and the company has a strong presence across North India with clients in Bihar, Chandigarh, Delhi, Haryana, Jammu, Maharashtra, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, Himachal Pradesh, Gujarat and West Bengal.

While it was officially incorporated as a Non-Banking Finance Company (NBFC) when it began, SCNL has since been registered with the Reserve Bank of India as a Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) in 2013. The company went public in June 1994, with IPO shares listed initially on the Delhi, Jaipur and Ludhiana stock exchanges until the time they were de-recognized by SEBI. Following that however, SCNL got listing approval on the Calcutta Stock Exchange (CSE) and went on to successfully list its shares on the National Stock Exchange (NSE) in August 2015 and the Bombay Stock Exchange (BSE) in October 2015.