SATYA MicroCapital imposes halt on its collections till 13th April 2020 amidst Covid-19 epidemic.

Considering the widespread outbreak of Covid-19 epidemic, SATYA MicroCapital Limited, an RBI registered, NBFC-MFIs, has temporarily discontinued its collections till 13th April 2020. The collection process requires scheduling group meetings at a common place where the physical presence of the field officers is mandate. To change the trajectory of accelerating outbreak among its treasured clients, SATYA has purposely imposed a halt on its collections till 13th April 2020. In order to combat the fiscal backlash of this endemic on its employees, the management of SATYA MicroCapital will be crediting the monthly salaries of entire 1700+ staff much before the scheduled timelines with no prior deductions incurred for attendance & leaves taken beforehand.

“As a company, we are ready to support our clients & staff in accordance with the future requirements. It is critical to safeguard our clients and employees from the burgeoning contagion and we will not take a step back by any means. We are with our customers and we will essentially support them with best of our capabilities to set up their businesses again, stronger than ever before. We are trying to constantly connect and develop links with local administration authorities. As a team, SATYA is ready to volunteer and support Government in its initiatives to cope with this current distress. As per the current scenario of nationwide lockdown, we have stopped our collections till 13th April 2020, said Mr. Vivek Tiwari, MD & CEO, SATYA MicroCapital Limited. The microfinance industry has seen tremendous growth over the past five years despite of witnessing troubling times since the past few months with elevating delinquencies due to protests against Citizenship Amendment Act and earlier due to Demonetisation and The Goods & Services Tax Act. With the prominent convulsion of coronavirus surge, the overall economy as well as the national lending environment are bound to have a significant impact. Owing to the biggest underlying power of the MFI industry, adaptability to change and resilience in the face of challenges will again make the MFI industry prevail and triumph over the contagious Covid-19 crisis. It will continue to work towards the consistent and imperative conduit for providing financial services to a vast segment of the unbanked population whose survival power is exceptionally praiseworthy. PWR PWR