IndusInd Bank with ADB sets up partial guarantee to finance MSME in supply chains
Tags: Economy/Finance
IndusInd Bank has signed an agreement with the Asian Development Bank (ADB) for a partial guarantee programme with an initial outlay of $70 million (Rs 560 crore), for supply chain financing.
Under this agreement ADB will provide partial credit guarantees to lenders.
It means that if the customer defaults on loan repayment which is covered under the partial guarantee then ADB will pay the guaranteed portion of the principal and interest to the bank.
The IndusInd bank hopes to increase its business in the Micro Small and Medium Enterprise (MSME) financing through this partnership.
IndusInd Bank
It is a scheduled commercial private sector bank .The bank was set up by the Hindujas group in 1994.
Headquarters: Mumbai
Managing Director and Chief Executive Officer: Suman Kathpalaia
Tagline of the Bank: We Care Dil Se : We Make You Feel Richer
Asian Development Bank
- It was set up in 1966.
- Its headquarters is at Mandaluyong City, Manila, Philippines
- Total member countries : 68
- President of ADB : Masatsugu Asakawa of Japan
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