Q. Recently, the International Finance Corporation (IFC) has provided $500 million loan to which bank for providing microloans to women in rural areas?
Answer:
HDFC bank
Notes: The International Finance Corporation (IFC) provided a $500 million loan to HDFC Bank on May 17, 2024. This loan will support women microfinance borrowers, specifically those in self-help groups (SHGs) and joint liability groups (JLGs) engaged in sustainable livelihood initiatives. Unlike non-banking finance companies, which charge higher rates, HDFC Bank can offer cheaper loans due to its access to lower-cost funds from CASA deposits.