“Will is character in action.” – William McDougall

At SCNL, we are on a path of moving from good to great. Ours is a story of great continuity and progress. With many new talents joining our management team, the unwavering support of our seasoned board members along the way, our commitment and determination remain uncompromised, and the value we deliver to our clients continues to rise.

Financial Year 2016-2017 was yet another action-packed year for us at SCNL. We acquired Taraashna Services Limited (TSL) and started MSME Lending. In April 2017, we have incorporated a wholly owned housing finance subsidiary for providing loans to the affordable housing segment.

During the year, we raised close to Rs. 500 crore from NABARD as refinance facility, out of which Rs. 300 crore was raised post demonetization, which is a strong validation of the faith our lenders have in us and especially for the work that SCNL has been doing in the field of financial inclusion. We also raised Rs. 250 crore of fresh equity capital through a QIP transaction, which saw strong participation from both domestic and foreign institutional investors. Besides this, in April 2017, we have raised equity capital of USD 10 million from the Asian Development Bank (ADB) which has been a proud moment for all of us and has given us fresh impetus to continue with our financial inclusion agenda.

SCNL has long demonstrated a commitment to client protection. In July 2016, the Smart Campaign, a global initiative aimed at incorporating strong client-protection practices into the microfinance industry, publicly recognized SCNL as Client Protection Certified for meeting strong standards of client care. The award of Smart Certificate from an internationally recognized institution not only validates that SCNL meets all of the client protection standards, but motivates us further to establish best practices of client protection and care in the microfinance sector in India.

In August 2016, SCNL won the 'The Best Micro Finance Company in India' award by the Worldwide Achievers in association with IBN7. More recently, in January 2017, SCNL won the 'Best NBFC-MFI' award, and the runners-up award for 'CSR Initiatives & Business Responsibility' by CIMSME. We feel elated for being acknowledged for our exemplary performance and our unrelenting client focus, but at the same time we are humbled because of the great responsibility entrusted upon us by virtue of being the third largest microfinance institution in the country.

Financial year 2016-2017 was a transformational year in more ways than one. We all saw the impact of demonetization on each and every one of us. While navigating a challenging business environment we remained focused on performing our core role as a financial services provider in accordance with clear principles and values. This was particularly demonstrated by our commitment to operate responsibly and sustainably during tough times in the interest of both our clients and stakeholders.

SCNL today, continues to recover from the impact of demonetization. With the worst clearly behind us, we have grown into a much stronger company. We wouldn't have been able to achieve this without the support of our four pillars i.e. our staff, stakeholders, board members and most importantly, our customers. Thank you all for being with us, and as we move forward, we invite you to follow our progress along the way.

Our ambition is always to do better. We know that, in everything we do, there will always be room for improvement. Ambition and discipline will take us there, propelled by the power of our strategy and the passion of our people to serve our clients. We strive towards making SCNL the preferred financial services partner for our clients and the preferred place for our employees to work.

On behalf of SCNL, I would like to wish you all the best as we begin another journey of challenges, victories, lessons and changes in the fiscal year 2017 - 2018.

HP Singh
Chairman cum Managing Director

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