· To fund women in rural communities in the Indian states of Jharkhand, Uttar Pradesh, and Bihar
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.
About IndusInd Bank:
IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on September 30, 2022, IndusInd Bank has a customer base of approx. 33 million, with 2320 Branches/Banking Outlets and 2807 ATMs spread across geographical locations of the country and covering 1,33,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empanelled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.
RATINGS
Domestic Ratings:
CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds
CRISIL AA for Additional Tier 1 Bonds program
CRISIL A1+ for certificate of deposit program / short term FD program
IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research
IND AA for Additional Tier 1 Bonds program by India Ratings and Research
IND A1+ for Short Term Debt Instruments by India Ratings and Research
International Ratings:
Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service
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