HSBC partners with MDMSB, a microfinance institute in India
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The Mann Deshi Mahila Sahakari Bank ( MDMSB ), a microfinance institution ( MFI ) based in the Indian city of Mhaswad, partnered with HSBC to enhance banking strategies and financial support.
The Mann Deshi Mahila Sahakari Bank partnership with HSBC was initiated in December 2006 wherein support to Manndeshi involved three functions of the Bank – Payments and Cash Management ( PCM ), Commercial Banking ( CMB ) and Corporate Sustainability (CS). The CMB team facilitated a micro-finance loan, the CS team provided seed funding to support activities of Mann Deshi Udyogini Business School and the PCM team appointed Manndeshi Mahila Sahakari Bank Ltd as the correspondent bank to collect payments and cash on behalf of HSBC. The project was to screen potential borrowers for microfinance loans and in return, HSBC provided the institution with a new
cash management system, extended a line of credit and granted MDMSB USD 100,000 for microfinance loans.
In 2010, Mann Deshi Mahila Sahakari Bank Ltd. launched a one of its kind “e-card” Program for rural women in Maharashtra. The Priority sector lending team at HSBC has recently facilitated the development of an integrated e-card solution that helps Mann Deshi automate the doorstep banking (sourcing, field investigation, credit appraisal, disbursement, collection and customer service) thereby enhancing efficiency and improving the entire process. The Mann Deshi – HSBC partnership in this way also helps HSBC fulfill regulatory requirements set by the RBI .
HSBC is also the knowledge partner and providing the bank with the state of the art hardware which will scan the fingers, scan and store the KYC documents, take the photograph of the customers, etc. for issue of e-cards. A HSBC staff team joined the launch phase for 6 months.
Category: Payday loans