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2013-12-26

Yes Bank raises $150 m from IFC for lending to small businesses

Private sector lender Yes Bank said it has raised a seven-year loan of $150 million from World Bank group member IFC for on-lending to small businesses.

Private sector lender Yes Bank said it has raised a seven-year loan of $150 million from World Bank group member IFC for on-lending to small businesses.
 

In a statement, Yes Bank said that it has swapped the loan under the Reserve Bank's concessional swap window offered to banks in order to attract dollars.
 

The loans granted by IFC include $45 million under a co-lending programme of IFC, $60 million from IFC's own account (both for seven years), and $45 million syndicated loan provided by Intesa Sanpaolo, Bank Muscat, Doha Bank and AKA Frankfurt for a tenor of two years, the statement said.
 

Under the new Governor Raghuram Rajan, Reserve Bank had opened a swap facility for banks offering a 1 percentage point discount to banks for funds raised overseas.


The facility was discontinued by RBI on November 30, but it had said that those who have already sealed negotiations with their lenders till that date can receive the funds till December 31.

 

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