IFC to invest $24m in India’s Ratnakar Bank
International Finance Corporation (IFC), the investment arm of the World Bank, plans to invest up to INR1.3 billion ($24 million) in India’s Ratnakar Bank. The commitment, which would be structured as a preferential allotment, complies with IFC’s strategy of supporting financial inclusion and facilitating lending to micro, small and medium enterprises (MSMEs).
Ratnakar Bank is already in the process of raising INR3.25-3.3 billion (around US$60 million) from 5-6 investors. Professional and institutional players currently own about 60% of the bank, with the remainder...
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