Current Affairs

IndusInd Bank Partners with ADB to Offer Loans to Rural Women

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
IndusInd Bank Partners with ADB to Offer Loans to Rural Women IndusInd Bank Partners with ADB to Offer Loans to Rural Women Reviewed by insiya yadav on September 18, 2017 Rating: 5

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