IndusInd Bank and SVCL (SV Creditline Ltd), an NBFC-MFI, have entered into a co-lending agreement earmarking ₹500 crore exclusively to women borrowers, particularly in rural areas. SVCL is promoted by Sunil Sachdeva, a social entrepreneur and co-founder and promoter of Medanta Hospital.
Stating that SVCL has been known to have a deep connect with the rural economy and local businesses for over a decade, Vivek Goyal, Director and Group CEO of SVCL, said with its best-in-class technology, data infrastructure and strong analytics along with digital underwriting models leveraging artificial intelligence and machine learning, SVCL conducts proper due diligence and offers risk-free value propositions for a partner. The fact that SVCL offers its products and services only to women customers makes this proposition a winning one, Goyal said.
SVCL has 3.5 lakh women customers serviced by 248 branches spread across 10 states and 130 districts, IndusInd Bank has a footprint with over 2.5 crore customers, over 5,000 distribution points, and nearly 2,000 branches across the country, it added.