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Hero Cycles partners with Satin Creditcare Network Limited towards empowering Rural India

Posted On: 2019-04-24 00:35:22

Hero Cycles, a recognized global cycle maker has entered into a strategic partnership with Satin Creditcare Network Limited ("SCNL"), one of the largest microfinance companies in the country to provide bicycles to lower income households in Uttar Pradesh.

Through this partnership, SCNL's 560,000 clients across 28 districts in Western Uttar Pradesh will have access to affordable mobility through Hero cycles. Separate bicycle models have been made available for women, men, youth & children.

Speaking on the initiative, Mr. Dev Verma, COO, Satin Creditcare Network Limited said,"We are extremely delighted to tie-up with world's largest manufacturer of bicycles. Together we aim to empower our clients with access to mobility. SCNL has been fostering a spirit of entrepreneurship by providing timely credit to more than 3.5 million women across India and with this partnership we are enabling clients to earn their livelihood."

He further added, "With this initiative we aim to empower our clients and especially for whom affording a bicycle continues to remain a dream. We aim to finance men, women and kids bicycles to ensure we meet all the family members' requirement."

"Making bicycles easily accessible to a large number of rural Indians can bring about a significant improvement in the state of their livelihoods and earnings. A recent study undertaken by TERI and All India Cycle Manufacturers' Association estimated that for marginal unskilled workers who walk to work every day, a 50% substitution of walking trips above the average distance of 3.5 km can result in travel time savings worth Rs 112 billion collectively. Making bicycles more accessible to the rural and urban poor can have remarkable positive effects on our economy at large. At the same time bicycle accessibility has also shown to improve girls enrolment and attendance in schools. We are happy to be part of this unique endeavour that is empowering the rural households in India,"said Mr Pankaj M Munjal, Chairman & Managing Director, HMC, a Hero Motors Company.

Both the partners are already working together in Bihar, Assam and Eastern Uttar Pradesh providing similar solutions to over17,80,000 clients. SCNL and Hero Cycles has already financed more than 16,000 cycle loans in a short span of one year. With expansion in Western Uttar Pradesh, this partnership would be another stepping stone to ensure mobility for all.

Shares of Satin Creditcare Network Ltd was last trading in BSE at Rs.335.1 as compared to the previous close of Rs. 346.75. The total number of shares traded during the day was 304 in over 25 trades.

The stock hit an intraday high of Rs. 348.9 and intraday low of 330.55. The net turnover during the day was Rs. 103448.

Source: Equity Bulls

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