MFI Spandana Sphoorty Financial raises $20-M via ECB

Microfinance firm Spandana Sphoorty Financial Ltd has raised USD 20 million through External Commercial Borrowings (ECBs) to fund business growth. The ECBs have a tenure of 36 months. Last year, RBI imposed a monetary penalty on Spandana for the company's failure to adhere to the pricing of credit guidelines for Non-Banking Financial Company-Micro Finance Institutions.