· To fund women in rural communities in the Indian states of Jharkhand, Uttar Pradesh, and Bihar
Bangalore, 21st October 2022: IndusInd Bank today announced that it has executed a commitment letter with the United States International Development Finance Corporation (DFC) for a loan worth USD 150 Mn. The Bank plans to use the proceeds of this loan to expand the Bank’s microfinance lending for the women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar.
Under this program, IndusInd Bank aims at boosting access to finance for women borrowers, as well as uplifting the livelihoods of these women and their families. This project advances DFC and the Bank’s commitment in economically empowering women customers.
Mr. Sumant Kathpalia, Managing Director and Chief Executive Officer of IndusInd Bank, said, “At IndusInd Bank, we are committed to the cause of fostering financial inclusion and making credit available in large swathes of unbanked and underbanked India. This program aligns with the Bank’s philosophy and focus to inculcate gender inclusion and empower the women entrepreneurs. This also marks a significant milestone for the Bank and shows the continued trust of the global investors in the Bank’s focus on sustainable growth.”
IndusInd Bank, a leading private bank headquartered in Mumbai, India had acquired Bharat Financial Inclusion (BFIL) in 2019 embarking on its transformational journey in the microfinance business. These customers are an important segment of the Indian economy, but are often constrained by lack of access to capital. This DFC loan will support IndusInd Bank in increasing its reach and enhance lending to women in the targeted states.