Dr. H.P. Singh (Satin Creditcare): A Father's Dream, A Son's Destiny
In a world where success is often presented as a seamless upward trajectory, devoid of struggle and setbacks, Dr. H.P. Singh's story offers a refreshing and profoundly important counter-narrative. True achievement, he demonstrates, is not the absence of adversity, but the ability to navigate it with unwavering resilience, unwavering values, and a deep understanding of the human element in business. This isn't just about building a company; it's about forging a legacy.
As the CMD of Satin Creditcare, Dr. Singh has transformed a modest ₹1 lakh seed investment into a publicly listed microfinance institution with an impressive AUM of ₹12,000 crores. But the numbers, while remarkable, only tell a fraction of the story. Behind the financial success lies a journey marked by personal struggles, near-catastrophic crises, and the enduring influence of a father's unwavering belief.
Check out the video of the conversation here or read on for insights.
Early Influences: The Foundation of Hard Work and a Father's Vision
Dr. Singh's foundation was built on the bedrock of hard work and a deep appreciation for the value of education. He vividly recalls his father, a dedicated government servant, cycling 30-50 kilometers every single day simply to supplement his income. This early exposure to perseverance and resourcefulness left an indelible mark.
"I remember him telling us his stories. He used to cycle about thirty to fifty kilometers every day to get some extra money."
This wasn't just about making ends meet; it was about instilling a work ethic that would become a cornerstone of Dr. Singh's character. His father's primary ambition was to provide his three sons with a convent school education, a dream that shaped Dr. Singh's early life and instilled a profound sense of responsibility as the eldest brother. This emphasis on education wasn't merely about academic achievement; it was about opening doors to a better future.
Facing Setbacks: Choosing Commerce Over Medicine
Despite his father's ardent wish for him to pursue a career in medicine, Dr. Singh found himself struggling with Science subjects in the ninth grade. This pivotal moment forced him to confront a difficult choice: follow his father's dream or forge his own path. He chose Commerce, a decision that initially caused disappointment and a sense of having let his father down.
"I flunked in Physics, I flunked in Chemistry. Somewhere, I broke my father's heart at that point of time."
This experience is a powerful reminder that the path to success is rarely linear. It highlights a common, and often painful, struggle: balancing personal aspirations with family expectations. It also underscores the crucial importance of self-awareness and the courage to choose a direction that aligns with one's own strengths and passions, even if it deviates from the expected route.
An Unexpected Fulfillment: The Honorary Doctorate, A Circle Closed
Years later, in a moment of profound personal significance, Dr. Singh received an honorary doctorate in microfinance and financial inclusion. This wasn't just a professional accolade; it was a deeply symbolic act of reconciliation and fulfillment. It was a way to honor his father's original dream, albeit in an unconventional and deeply meaningful way.
"I opened up my conversation with my dad and told him, I'm sorry I couldn't do it at that point of time, but I fulfilled your wish even though you're not there."
This anecdote speaks volumes about the enduring power of family relationships and the importance of finding ways to bridge the gaps between expectations and reality. It demonstrates that success can take many forms, and that sometimes, the most meaningful achievements are those that connect us to our past and honor those who shaped us.
The CA Journey: Perseverance, Grit, and the 1984 Riots
The path to becoming a Chartered Accountant was fraught with challenges. Dr. Singh faced intense competition, a demanding curriculum, and a grueling examination process, with pass rates hovering around a daunting 1%. This was a period that tested his limits and demanded unwavering dedication.
"When I qualified, the pass percentage used to be one percent."
His daily routine – navigating crowded buses, fulfilling his work obligations, and attending evening classes – paints a vivid picture of the sacrifices required to pursue a demanding professional goal. This period solidified his work ethic, honed his time management skills, and instilled a deep appreciation for the value of perseverance.
Adding to the pressure, Dr. Singh's CA journey coincided with the tumultuous 1984 riots. This period of national crisis added another layer of complexity and uncertainty to his already challenging life. It taught him a crucial lesson: never assume, always investigate for yourself. This principle, born from a near-miss with his exam results due to misinformation, would become a guiding principle in his future business endeavors.
Entrepreneurship: Building Satin Creditcare, Brick by Brick
Dr. Singh's entrepreneurial journey began with a relatively small venture: financing retail electronic goods. This allowed him to leverage his financial expertise while simultaneously learning the ropes of running a business. He quickly discovered the importance of building trust and fostering strong relationships with clients and partners, skills that would prove invaluable as he scaled his operations.
His father's foresight in securing office space years earlier instilled in Dr. Singh a sense of responsibility and a long-term perspective. This wasn't just about starting a business; it was about building a legacy.
The Demonetization Crisis: A Trial by Fire, Leadership Defined
The 2016 demonetization crisis was, without a doubt, the defining challenge of Dr. Singh's career. With a staggering 74% of Satin Creditcare's portfolio at risk, amounting to ₹1200 crores, the company faced a very real threat of collapse. Many industry observers predicted the company's demise.
“My lowest point during my microfinance days was demonetization.”
Dr. Singh's response to this existential crisis was nothing short of extraordinary. It provides a powerful case study in crisis leadership and offers invaluable lessons for any business leader:
Personal Investment, Personal Commitment: He injected ₹90 crores of his own funds into the company, demonstrating unwavering belief in its survival and sending a powerful signal to stakeholders.
Direct Communication, Human Connection: He made it a priority to speak directly to every single loan officer on a daily basis. This wasn't about issuing directives; it was about fostering a sense of shared purpose and providing reassurance during a time of intense uncertainty.
Relentless Focus on Recovery: He implemented a laser-focused strategy to improve collection efficiency, driving it from a dismal 20% to an astonishing 99%. This involved not just strategic planning but also relentless execution and a commitment to empowering his team.
Honesty and Transparency: To his team and his lenders.
"I used to talk to each one of my loan officers every day. We broke our collection efficiency from twenty to ninety-eight percent."
Lessons in Resilience and Leadership: A Blueprint for Success
Dr. H.P. Singh's journey offers a wealth of practical wisdom and actionable insights for anyone navigating the complexities of leadership and entrepreneurship:
Embrace Direct Engagement: Don't rely solely on reports, data, or the opinions of intermediaries. Get involved directly, especially during times of crisis. Understand the ground reality firsthand.
Prioritize Long-Term Vision: Learn to look five years down the line. His father booking a telephone connection, years in advance, exemplifies planning.
Uphold Integrity as a Core Value: Honesty and transparency are not just ethical imperatives; they are the foundation of trust, which is essential for building sustainable success.
Transform Crises into Opportunities: Adversity can be a powerful catalyst for growth, innovation, and the development of new capabilities. View challenges as opportunities to learn, adapt, and emerge stronger.
Communication is the Lifeline: Open, frequent, and honest communication is paramount, especially during times of uncertainty and change. Connect with your team on a personal level.
Self-Reliance is Key: While collaboration is important, cultivate a mindset of self-reliance. Take ownership of your challenges and be proactive in finding solutions.
Meritocracy Matters: He navigated and continues to navigate an ecosystem that rewards connections.
A Legacy of Resilience: More Than Just Business
Dr. H.P. Singh's story is ultimately a testament to the power of the human spirit. It's a reminder that true success is measured not only by financial achievements but also by the values we uphold, the challenges we overcome, and the impact we have on the lives of others.
"Be truthful to yourself and truthful till whatever time you can."
His journey is an inspiration to anyone facing adversity, a powerful reminder that with resilience, determination, and a commitment to ethical leadership, even the most daunting obstacles can be overcome. It's a story that deserves to be shared, studied, and celebrated.
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Your Host,
Divakar Vijayasarathy