Moneycontrol PRO
HomeNewsBusinessHDFC Bank raises $500 million from IFC for on lending to women borrowers

HDFC Bank raises $500 million from IFC for on lending to women borrowers

The country's largest private sector lender will extend finance for income generation, fostering financial inclusion and socio-economic growth, as per an official statement.

May 17, 2024 / 14:49 IST
HDFC Bank raises $500 million from IFC for on lending to women borrowers

HDFC Bank on Friday said it has raised USD 500 million from IFC for onlending to underserved women borrowers.

The country's largest private sector lender will extend finance for income generation, fostering financial inclusion and socio-economic growth, as per an official statement.

It will extend the microloans to self-help groups and joint liability groups of women enrolled under the Sustainable Livelihoods Initiative (SLI) of the lender.

HDFC Bank's group head for Treasury, Arup Rakshit, said this is a longer duration credit facility which has been availed by the lender, and it will help in boosting the bank's efforts in empowering women.

The statement said even though the non-banks have a deeper reach and serve two-thirds of the microfinance market, banks' extensive reach and lower funding costs can be leveraged to extend microloans to women.

"Access to financial services is key to empowering women and strengthening the economy," IFC's regional director for South Asia Imad Fakhoury said.

Over the last 20 years, IFC (International Finance Corporation) has made 650 microfinance investments totalling USD 6.2 billion, the statement said.

first published: May 17, 2024 02:49 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347