The state-run lender is also looking closely at the way the country’s top private banks, such as HDFC Bank or ICICI Bank, operate.
India now ranks eighth in foreign exchange reserves in a list that’s headed by China.
“To digitise the microfinance ecosystem, the pilot with HSBC will provide us a path to empower MFI clients," Sa-Dhan ED was quoted as saying in a press statement.
Last fiscal saw 27 per cent growth in business correspondents.
The finding was part of the Bharat Microfinance Report 2017, released by Sa-Dhan Wednesday.
Financial outreach grows with MFIs working as business correspondents contributing 20% of total loans
RBI allowed MFIs, NGOs and other civil society organizations to work as banking intermediaries for providing financial and banking services in January 2006.
Indian banks in the public sector space are weighed down by steep rise in sticky loans leading to net loss for many lenders and shrinking of capital.
The bank, which received universal banking license in 2014, is mandated to be listed by 2018.
There are always values in the two businesses and then there are values which are created after the merger through synergy.
Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance Company have also come in as new investors.
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