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.
ADB aims to reach an additional 2,00,000 low-income members by 2020.
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
