The Indian unit of UK-based commercial financial institution Standard Chartered Bank (SCB) recently notified MicroCapital that it has disbursed a loan of INR 370 million (USD 5.8 million) to Sonata Finance Private Limited, an Indian microfinance institution (MFI) that serves India’s northern states. Additional information regarding the terms of the loan is not available.
For the year 2012, Standard Chartered Bank reported total assets of USD 637 billion, return on equity of 12.8 percent and has financed USD 1 billion to various MFIs in Asia and Africa.
By Makai McClintock, Research Associate
About Sonata Finance Private Limited:
Established in 2006, Sonata Finance Private Limited is an Indian microfinance institution with its headquarters in Allahabad, Uttar Pradesh. It offers income-generating loans, emergency loans, savings and insurance. The maximum loan size offered is INR 12,000 (USD 230) as of 2012. As of March 31, 2012, Sonata Finance reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 45.2 million and a gross loan portfolio of USD 33.4 million disbursed to approximately 191,000 borrowers. As of year-end 2011 Sonata reported return on assets (ROA) of 3.30 percent and return on equity (ROE) of 9.73 percent. Sonata does not accept deposits.
About Standard Chartered Bank:
Founded in 1969, Standard Chartered Bank (SCB) is a financial services company based in the United Kingdom. For the year 2012, SCB reported total assets of USD 637 billion, return on equity of 12.8 percent and has financed USD 1 billion to various MFIs in Asia and Africa. SCB does not report to the US-based nonprofit Microfinance Information Exchange (MIX), and financial information is not otherwise available.
Sources and Additional Resources
Information provided to MicroCapital by Standard Chartered Bank India
MicroCapital Universe Profile: Sonata Finance Private Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Sonata+Finance+Pvt+Ltd
MicroCapital Universe Profile: Standard Chartered Bank (SCB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Standard+Chartered+PLC
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Stanbic Bank Uganda, IFAD Seek to Reduce Costs of Remittances via FlexiPay E-wallet, Encourage Adoption via SACCOs
- MICROCAPITAL BRIEF: Bank of Africa, Sanad Fund Deploying $27m for SME Finance in Morocco
- MICROCAPITAL BRIEF: Standard Life Organization Borrows $3m from Oikocredit to Invest in MSMEs, Education in Nigeria
- MICROCAPITAL BRIEF: Regulator Licenses ADIB Egypt to Open Shariah-compliant Subsidiary, ADI Microfinance
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan