MUMBAI: A $500-million credit line has been extended by International Finance Corporation to HDFC Bank to provide finance to women through microloans in rural areas. IFC is an arm of the World Bank that supports private sector initiatives. The private lender will use the money to finance microloans to self-help groups and joint liability groups that are enrolled in the sustainable livelihoods initiative. According to HDFC Bank, the financing will enable beneficiaries to graduate to individual lending schemes.
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