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IndusInd Bank Partners with ADB to Offer Loans to Rural Women

Published on September 18, 2017
Asian Development Bank (ADB) has signed a loan of up to USD 200 million with IndusInd Bank to provide finance to low-income women borrowers in rural India.
ADB aims to reach an additional 2,00,000 low-income members by 2020.

IndusInd Bank Partners with ADB to Offer Loans to Rural Women

About the Deal

  • The agreement was signed by Christine Engstrom, Director of ADB's Private Sector Operations Department, IndusInd Bank chief financial officer S Zaregaonkar and Arun Khurana, Head of IndusInd Bank's Global Markets Group.
  • At least 95% of ADB’s funding for the project will be used to provide credit to women borrowers
  • A least 70% of the number of loans will be deployed in India’s less developed states.
  • ADB will support IndusInd Bank to improve the financial literacy of women borrowers and to develop digitised processing and product development initiatives.
  • A capacity-building technical assistance of $1 million is expected to be part of the package.

About Indusland Bank

  • It is a new generation bank based in Mumbai.
  • It was established in 1994
  • Srichand P. Hinduja is the founder of the bank
  • Romesh Sobti is the current Managing Director and CEO of the bank
  • R. Seshasayee, a Chartered Accountant by profession is the current Chairman. 

About Asian Development Bank

  • It is a regional development bank established on 19 December 1966
  • It is headquartered in the Ortigas Center located in Mandaluyong, Metro Manila, Philippines. 
  • Eighty percent of ADB’s lending is concentrated public sector lending in five operational areas i.e. Education, Environment and Climate, Finance Sector, Infrastructure and Private Sector Lending
  • It has 67 members: 48 members from the Asian and Pacific Region, 19 members from Other Regions.
  • The non-member nations wholly or primarily in Asia are Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, North Korea, Oman, Qatar, Russia, Saudi Arabia, Syria, the United Arab Emirates, and Yemen
  • Its President is Takehiko Nakao

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