IndusInd Bank has executed an agreement with the United States International Development Finance Corporation (DFC) for a $150 million loan to expand its microfinance portfolio.
The private sector lender will use the proceeds to lend to women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar, it said in a release.
IndusInd Bank aims at boosting access to finance for women borrowers, as well as uplifting the livelihoods of these women and their families, it said.
“At IndusInd Bank, we are committed to the cause of fostering financial inclusion and making credit available in large swathes of unbanked and underbanked India. This also marks a significant milestone for the bank and shows the continued trust of the global investors in the bank’s focus on sustainable growth,” said MD and CEO Sumant Kathpalia.
The bank had acquired Bharat Financial Inclusion in 2019, which kick-started its journey in microfinance. The loan from DFC will help support the bank in increasing its reach and enhance lending to women in the targeted states, the bank said.
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