"IFC has made an equity investment of USD 22 million in Ratnakar Bank to support its financial inclusion and increase financing to agri-based businesses and micro, small and medium enterprises," a statement from the international lender said.
Through this funding, which is a part of the Rs 324 crore the local bank raised from a clutch of investors by issuing 3 crore new shares, the bank will step up its reach and also lend to small businesses and micro-borrowers, a majority of whom would be women, it said.
"IFC's investment will help Ratnakar Bank reach low-income segments, including women in rural areas...its in line with IFC's strategy to promote financial inclusion and support under-financed agri-based and small businesses," International Finance Corporation's Director for South Asia, Thomas Davenport, said.
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