IndusInd Bank signs co-financing loan agreement with Citibank and Japan International Cooperation Agency (JICA)

Tags: Economy/Finance National News

IndusInd Bank signed a co-financing loan agreement with Citibank and Japan International Cooperation Agency (JICA) for a funding line of $125 million.

An Overview of the News

• The funding line will be used by IndusInd Bank to provide credit to the agriculture sector.

• The co-financing includes JPY 13 billion (about $97.45 million) from JICA and a $30 million loan from Citibank to IndusInd Bank.

• The collaboration between the three entities aims to support the development of the agriculture sector in India by providing financial support to farmers and other related businesses.

• IndusInd Bank is a leading private sector bank in India with a strong presence in retail banking, corporate banking and treasury operations.

About IndusInd Bank

• It is a leading financial services company in India, headquartered in Mumbai.

• The Bank offers a variety of commercial, transactional and electronic banking services to meet the needs of a wide variety of customers. These include savings and current accounts, loans, credit cards, insurance and investment options.

• IndusInd Bank was inaugurated in April 1994 by the then Union Finance Minister Manmohan Singh.

• The present Chairman of the Board of IndusInd Bank is Arun Tiwari.

• The tagline of the bank is "We Care Dil Se, We Make You Feel Richer".

About Japan International Cooperation Agency (JICA)

Formation - 1 October 2003

Type - Corporate Administrative Agency

Purpose - Official Development Assistance

Headquarters - Chiyoda, Tokyo, Japan

Service Area - Worldwide

Official language - Japanese, English (secondary)

President - Akihiko Tanaka

Affiliation - Development Assistance Committee

Organisation for Economic Cooperation and Development

About Citibank

Establishment - 16 June 1812

Founder - Samuel Osgood

Headquarters - New York, New York, United States