HDFC Bank raises $500 million from IFC for on lending to women borrowers
HDFC Bank on Friday said it has raised USD 500 million from IFC for onlending to underserved women borrowers.
The country’s largest private sector lender will extend finance for income generation, fostering financial inclusion and socio-economic growth, as per an official statement.
It will extend the microloans to self-help groups and joint liability groups of women enrolled under the Sustainable Livelihoods Initiative (SLI) of the lender.
HDFC Bank’s group head for Treasury, Arup Rakshit, said this is a longer duration credit facility which has been availed by the lender, and it will help in boosting the bank’s efforts in empowering women
HDFC Bank did raise interest rates in March 2024, specifically for home loans. Here’s a breakdown:
- Increased Rates: HDFC Bank increased its repo-linked home loan interest rates by 10-15 basis points (bps), bringing the range to 9.05% to 9.8% [Hindustan Times].
- Reason for Increase: This change is attributed to the merger of HDFC Bank and HDFC in July 2023 [Hindustan Times]. Post-merger, interest rates are linked to the External Benchmark Lending Rate (EBLR) instead of the Retail Prime Lending Rate (RPLR) as per regulatory guidelines.
It’s important to note that this information is from March 2024. As of today, May 21, 2024, it’s unclear if HDFC Bank has implemented further interest rate changes.
To find out about HDFC Bank’s current interest rates: