United States Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) have partnered with Kotak Mahindra bank (KMB) for USD 50 MIllion (≅ INR 372 crore) loan Guarantee for Women Entrepreneurs and Micro, Small & Medium Enterprises (MSMEs) across India
- KMB will extend its on-lending credit facilities to non-bank lenders operating in the MSMEs and microlending space.
- DFC will provide KMB with a ‘pari passu’ guarantee, which is financially sponsored by USAID, of up to 50% of the remaining USD 24.5 mn loan.
- The program will be supported by Vivriti Capital, Chennai-based Non Banking Financial Company (NBFC). Vivriti capital will provide USD 1 mn first loss guarantee & analytical and sourcing support.
- The partnership aims to disburse at least half of the loans to Women led entities or MSMEs that employ a certain percentage of women or that produce a good or service that benefits women.
- The programme is likely to benefit 30,000 women borrowers and 7,500 MSMEs.
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On May 5, 2021, Kotak Mahindra Bank was selected as a digital payments partner by the National AgricultureMarket (eNAM) to facilitate online transactions for all stakeholders on the eNAM platform, including farmers,traders and farmer producer organisations (FPOs)
About United States Agency for International Development (USAID)
Administrator – Samantha Power
Headquarters – Washington,D.C, United States of America
About Kotak Mahindra Bank (KMB)
MD & CEO – Uday Kotak
Headquarters – Mumbai, Maharashtra
Tagline – Let’s make money simple
