Private-sector lender IndusInd Bank Ltd plans to raise $150 million (around Rs 1,200 crore) loan from US government’s Development Finance Corporation (DFC) to expand its financial offerings to women borrowers.
The Mumbai-headquartered bank will deploy the fresh funds to expand its microfinance lending operations for women borrowers across the rural pockets of Jharkhand, Uttar Pradesh and Bihar, helping uplift their livelihoods as well as their families, it said in a statement.
“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 undertakes loan disbursement for microfinance lending via its wholly-owned subsidiary Bharat Financial Inclusion Ltd, which it acquired in 2019.
The commercial lender started its operations in 1994, and claims to have a consumer base of about 33 million users. It currently operates about 2,320 branches and banking outlets across India. The private sector bank reported its earnings for the July-September quarter. Its consolidated net profit jumped 57% year-on-year (YoY).