The private sector arm of the World Bank Group, the International Finance Company (IFC), agreed to invest up to USD 5 mn in India’s Financial Information Network & Operations Limited (FINO), a technology service provider that helps banks reach underserved rural banking markets. The USD 5 mn investment is broken down into two USD 2.5 mn halves. The half of the investment consists of common equity with the second as convertible preferred shares. The investment will support mobile banking solutions to enable rural banks, cooperatives and microfinance institutions (MFIs) to provide costs effective financial services in rural India.
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