Satin Creditcare Awarded Gold in Client Protection Certification
India, January 19, 2024: Satin Creditcare Network Limited (SCNL), a leading microfinance institution in India, has been awarded the prestigious Gold level in Client Protection Certification by the global rating agency MicroFinanza. This accreditation, in accordance with the new Client Protection Certification Framework promoted by SPTF and CERISE, comes after a thorough review of the company meeting the most rigorous standards of client protection found in the universal standards for Social Performance Management through its offering of responsible credit.
As a responsible corporate entity, SCNL has consistently undertaken conscious efforts to uphold fair practices, adhering to globally accepted standards, and functioning as an accountable lender to those at the bottom of the pyramid, thereby underscoring its testament to this recognition.
This certification thoroughly evaluates institutions across a varied spectrum of parameters including appropriate product design and delivery, prevention of over-indebtedness, transparency, responsible pricing, fair and respectful treatment of clients, privacy of client data, mechanisms for complaint resolution and governance and HR to determine the degree of client protection practices followed across the loan cycle.
Commenting on the certification, Mr. HP Singh, CMD of Satin Creditcare Network Limited, said, “Receiving the highest level of recognition in our first attempt without the need for any adjustment phase fills us with immense pride and satisfaction. Our business model is rooted in an unwavering commitment to the principles of client protection, where integrity, transparency, and fairness are all thoroughly crafted to center around our processes and services. This independent validation not only bolsters our credibility but also serves as evidence of our dedication to excellence from the outset and adherence to the best practices in microfinance. I confidently affirm our pledge to continue the journey of maintaining these high standards in all facets of our operations.”