MICROCAPITAL BRIEF: Standard Chartered Bank (SCB) Loans $6m to Indian Microfinance Institution (MFI) Sonata Finance

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: