Private-sector lender IndusInd Bank eyeing to bag $150 million (around Rs 1,200 crore) loan from US government’s Development Finance Corporation (DFC) to expand its financial offerings to women borrowers.
Bank said that it will use the fresh funds to expand its microfinance lending operations for women borrowers across the rural pockets of the country which include states such as Jharkhand, Uttar Pradesh and Bihar, helping uplift their livelihoods as well as their families,
“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 its focus on sustainable growth,” said Sumant Kathpalia, managing director and CEO at IndusInd Bank.
IndusInd Bank makes microfinance loans through its wholly-owned subsidiary Bharat Financial Inclusion, which it acquired in 2019.
The commercial lender began operations in 1994 and claims to have a customer base of approximately 33 million users. It currently has approximately 2,320 branches and banking outlets in India. The earnings for the July-September quarter were reported by the private sector bank. Its consolidated net profit increased by 57 per cent year on year (YoY).