Yes Bank raises $200 million unsecured loan from ADB
23 Dec 2014
Yes Bank, the country's fourth-largest private sector bank, has successfully raised $200 million unsecured loan from the Asian Development Bank (ADB).
The bank will use the loan to lend in rupee equivalent to finance working capital and investment loans towards small farm households and rural women in self help groups (SHGs).
''This significant commitment from the ADB, reiterates our focus towards responsible banking and furthering the financial inclusion agenda in our country.
Yes Bank has been a pioneer in rural banking through its award winning Yes Leap and Yes Money programmes, and this loan from ADB will provide further acceleration as we aim to achieve our long term goals of scaling our agribusiness and SHG loan growth,'' said Rana Kapoor, managing director & CEO of Yes Bank.
''ADB's capital investment and technical assistance will provide sustainable finance to low income women and their families. In addition to income generation via female self-help groups, the project targets small farmers to allow them to benefit from agricultural value chains and enhance their productivity through better access to markets and investment finance," said Todd Freeland, director general, ADB Private Sector Operations.
Additionally, ADB will also provide a capacity development technical assistance grant up to $1 million. Yes Bank will use the grant towards capacity building, improving the financial literacy of women borrowers, and leveraging Yes Leap programme for agriculture value chain integration.
