- The USAID and USDFC will be sponsoring a USD 50 million loan portfolio guarantee to the Kotak Mahindra Bank.
- The main motto behind this partnership is to provide financial support to women entrepreneurs and MSME.
- This will help the businesses to uplift which are severely affected due to the pandemic.
- Under this partnership, the Kotak Mahindra Bank will provide loan facilities to NBFCs that are operating in MSME and Microfinance areas.
- The credit support will be granted to the end borrowers which will result in sustained and inclusive economic growth.
- It will result in economic empowerment of the women and about 50% of the loans will be offered to women-led or women-managed MSMEs. Around 30,000 individual women borrowers and 7500 MSMEs will be benefited from this partnership.
- The programme will be supported by Vivriti Capital, which is an NBFC based in Chennai. It will provide a USD 1 million first loss guarantee.
- The DFC will grant a pari passu guaranty to the bank and this guarantee is financially sponsored by USAID.
- Static Part:
- HQ of USAID: Washington DC, US
- HQ of Kotak Mahindra Bank: Mumbai
- Tagline of Kotak Mahindra Bank: Let’s make money simple
Question:
a. Axis Bank
b. IDFC First Bank
c. Kotak Mahindra Bank
d. ICICI Bank
