Monday
September 18
2017

IndusInd Bank secures $200 million loan from Asian Development Bank for microlending in India

Private player IndusInd Bank today said it has secured up to USD 200 million (about Rs 1,282 crore) loan from multilateral lender Asian Development Bank (ADB) to serve low income women borrowers in rural areas.

The 7-year senior loan will go towards IndusInd Bank’s micro-finance activities, it said in a statement.

The loan pact was inked here 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.

Engstrom said ADB’s financing and technical assistance is a signal of its continued commitment to increase financial inclusion in India, particularly to low income women and their families.

Photo courtesy of Maria Andersson.

Source: moneycontrol (link opens in a new window)

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ASEAN, Asian Development Bank, bank, financial inclusion, global development, India, lending, MFI, microfinance, microloans, unbanked, Women