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JammuIFC Extends US$500 Million to HDFC Bank to Ramp Up Microloans to...

IFC Extends US$500 Million to HDFC Bank to Ramp Up Microloans to Underserved Women Borrowers in India


Jammu Tawi: Women, especially microloan borrowers in semi-urban and rural areas, will have increased access to with IFC financing of up to US$500 million to HDFC Bank—the largest private sector bank in —aiming to support lending for income generation purposes, fostering financial inclusion and socio-economic growth in the country.  The Bank, with a long-standing history of lending to women, will use IFC's financing for on-lending as microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI). SLI is the Bank's line responsible for microfinance lending programs exclusively for women borrowers. IFC's loan will further enable the Bank to grow its microcredit and microlending to women, especially allowing SHG and JLG borrowers to graduate to individual lending schemes.

“As a Bank we have been committed to empowering women especially by targeted lending to Self -Help Groups (SHGs) and Joint Liability Groups (JLGs), which further helps take banking to the underbanked and unbanked. This longer duration credit facility from IFC will further boost these efforts,” said Arup Rakshit, Group Head, Treasury, HDFC Bank.

“Access to financial services is key to empowering women and strengthening the . IFC aims to promote greater inclusiveness of underserved women borrowers by showing the viability of scaling up microlending to this segment,” said Imad Fakhoury, IFC's Regional Director for South Asia.  IFC's investment in HDFC Bank will encourage the wider industry of lenders and investors, with an aim to spur microfinance lending in India.”

The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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