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IndusInd and ADB Join Hands

Published on September 05, 2022
Current Context: IndusInd Bank has inked an agreement with the Asian Development Bank (ADB) to offer MSMEs with Supply Chain Financing.
IndusInd and ADB Join Hands
  • The Bank said, it has entered into a partial guarantee program with the ADB with an initial outlay of $70 million (Rs 560 crore).
  • ADB will provide a partial guarantee to lenders as it will cover non-payment by the borrower on the guaranteed portion of the principal and interest due.
  • This collaboration will tend to improve the Bank's MSME portfolio along with strengthening its existing strategies for the sector.
  • ADB is a regional development bank that was established in 1966 with 31 members that came together to serve a predominantly agrarian region. India was one of the founding members of the ADB. It presently has 68 members of which 49 are from within Asia and the Pacific and 19 outside it. Its headquarters are in Manila, the Phillippines.
  • IndusInd Bank is a private-sector bank that was established in 1994. It has its headquarters in Mumbai.

Question:

Q.1 IndusInd Bank has entered with which of the following institutions to provide Supply Chain Financing for MSMEs?
a. World Bank
b. Asian Development Bank
c. IMF
d. WEF
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