The Mann Deshi Mahila Sahakari Bank (MDMSB), a microfinance institution (MFI) based in the Indian city of Mhaswad, recently announced that it signed an agreement with the international commercial bank, Hong Kong and Shanghai Banking Corporation (HSBC). Under the agreement, the MFI will act as HSBC’s “corresponding bank” in the region, and screen potential borrower for microfinance loans. In return, HSBC will provide the institution with a new cash management system as well as extend it a line of credit. Additionally, HSBC has granted MDMSB USD 100,000 for microfinance loans. The deal was signed at a recent meeting between HSBC India country head Naina Lal Kidwai and MDMSB chairwoman Chetna Gala Sinha.

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