CDC invests USD 50 mn in B'lore based Janalakshmi Financial
Updated: Jan 12, 2016 12:08:26pm
Mumbai, Jan 12 (KNN) The UK-based CDC Group plc, a development finance entity, has invested USD 50 million in Bengaluru based Janalakshmi Financial Services Ltd, a microfinance institution.
The money has been invested as Tier-II capital in the microfinance institution.
The MFI was poised to make an even bigger social impact with an in-principle approval from the Reserve Bank of India (RBI) to set up a small finance bank, Srini Nagarajan, CDC Regional Director (South Asia), said in a statement.
Ramesh Ramanathan, chairman and founder of Janalakshmi, said the urban financial inclusion space was large. This investment would facilitate the MFI’s progress as it transitions into becoming a small finance bank, he said.
Janalakshmi’s main focus is small batch loan disbursed to joint lending groups. It also provides loans to individuals as well as MSMEs. (KNN Bureau)
The money has been invested as Tier-II capital in the microfinance institution.
The MFI was poised to make an even bigger social impact with an in-principle approval from the Reserve Bank of India (RBI) to set up a small finance bank, Srini Nagarajan, CDC Regional Director (South Asia), said in a statement.
Ramesh Ramanathan, chairman and founder of Janalakshmi, said the urban financial inclusion space was large. This investment would facilitate the MFI’s progress as it transitions into becoming a small finance bank, he said.
Janalakshmi’s main focus is small batch loan disbursed to joint lending groups. It also provides loans to individuals as well as MSMEs. (KNN Bureau)
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