Satin Creditcare Network Limited and Hero Cycles disburse 87,000 bicycles to women in India

Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404), one of the leading microfinance institutions in the country was successful in disbursing 87,000 bicycles to women in association with Hero Cycles. Satin undertook this strategic initiative with an aim to enhance the mobility and livelihood of these women as well as to promote gender equality. The provision of cycles with the help of Satin's bicycle loan opens various avenues for these women as they can have better access to education, healthcare, and employment.

Satin Creditcare Network Limited was able to provide 60,265 loans in the first year and 9,268 in the second year. While the solutions were initially made available in the state of Assam, Bihar, Uttar Pradesh, the company slowly started expanding into the South with Tamil Nadu. As of today, the solution is available on a Pan-India scale. Satin provides bicycle solutions to over 30 lakh clients across 23 states.

Mr. HP Singh, Chairman and Managing Director, Satin Creditcare Network Ltd, says, "Bicycles have become emblematic of women's bid for freedom, resilience, determination and self-reliance. Connectivity and accessibility to education, employment has often been an issue in the hinterlands of India, making the availability of crucial necessities and travelling to distant locations a challenging experience for all, especially women. The provision of bicycles will go a long way in improving accessibility, spurring aspirations, and enhancing livelihood. We are glad to associate with Hero Cycles to promote this life changing, simple yet sustainable means of commute which will not only help in mobility but also give rise to a new and empowered generation of entrepreneurs."

Mr. Pankaj M Munjal, Chairman and Managing Director, HMC, a Hero Motors Company, says "Facilitating access to bicycles can bring significant social and economic benefits to the people living in rural areas, especially the poor and marginalised. A 2019 study by TERI and All India Cycle Manufacturers' Association estimated that marginal unskilled workers who walk to work every day can gather travel time savings worth Rs 112 billion collectively if they substitute half of the walking trips above the average distance of 3.5 km with cycling. Distribution of bicycles to girls is an underutilised but powerful tool of empowerment - access to bicycles has shown to increase girls' age-appropriate enrolment in secondary schools by 30 per cent, thereby narrowing the worrying trends of dropping out of schools and early marriages. Hero Cycles is happy to collaborate with Satin Credit care for this unique endeavour."

Shares of Satin Creditcare Network Ltd was last trading in BSE at Rs.93.95 as compared to the previous close of Rs. 93.65. The total number of shares traded during the day was 25726 in over 706 trades.

The stock hit an intraday high of Rs. 95.95 and intraday low of 93.05. The net turnover during the day was Rs. 2435508.

Source : Equity Bulls

Keywords