Axis Bank and ADB Collaborated

BANKING AND ECONOMY

  • 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.
  • Headquarters of ADB: Manilla, Philippines.
  • Total members of ADB: 68.
  • President of ADB: Mr.Masatsugu Asakawa (Japan).
Asian Development Bank
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