Non-banking finance company (NBFC) Manappuram Finance Thursday said it has secured a debt funding of Rs 695 crore from NABARD that will be used for priority sector lending.
The company will deploy the funds for onward lending to micro, small and medium enterprises (MSME) and microfinance sector under priority sector lending, Manappuram Finance said in a release.
"NABARD taking a long-term exposure on the company is an endorsement of Manappuram's on the ground work to make formal credit accessible to the poor and unbanked sections of society. It will help us to further expand our reach in rural and semi-urban areas as an agent of financial inclusion," Manappuram Finance CFO Bindhu AL said.
She said Manappuram Finance is also in discussion with the International Finance Corporation (IFC) for a three-year loan to support liquidity and asset liability management.