India’s private lender Axis Bank collaborated with the Asian Development Bank (ADB) for a partial guarantee facility agreement (PGFA) with initial outlay of USD 150 million (Rs 1,139.85 crore).
The collaboration was aimed at supporting supply chain financing for impact sectors to illustrate the two banks’ commitment to positive environmental impact in India.
The partnership focus on ESG (environmental, social and governance) and priority sectors.
Under this agreement, the multilateral financial institution will provide guarantees (variable) to the lending done by the Axis Bank.
In March 2022, Axis bank agreed to acquire the consumer banking businesses of Citi bank’s Citicorp Finance (India) Limited. The business includes credit cards, retail banking, wealth management, and consumer loans.
Facts to know:
Asian Development Bank (ADB) was established in 1966.
The learning module may contain articles, news, brief of news/articles, images, both still and moving, including photographs, advertisements, trademarks, video clips etc. procured from public domain, social media, or other print or digital publications, under Fair Use in accordance with Section 52 of the Indian Copyright Act, 1957 and are being used for the purpose of comment, imparting education, disseminating information and illustrating an academic concept, teaching and research. All rights and credit goes directly to its rightful owner. No copyright infringement intended.