IndusInd Bank partners with ADB to provide loans to rural women

 

The Asian Development Bank (ADB) has signed a loan of up to $200 million with IndusInd Bank to provide finance to low-income women borrowers in rural India. The seven-year senior loan will go toward IndusInd Bank’s microfinance activities. At least 95 per cent of Manila-based ADB’s funding for the project will be used to provide credit to women borrowers and at least 70 per cent of the number of loans will be deployed in country’s less developed states. A capacity building technical assistance of USD 1 million is expected to be part of the package. It will support the IndusInd Bank’s efforts to improve the financial literacy of women borrowers and to develop digitised processing and product development initiatives. The loan aims to reach an additional 200,000 low-income members by 2020.