The private sector investment arm of World Bank, International Finance Corp is looking out to partner with aspirants for new bank licences, as it increases its investment in India to $2 billion this year. IFC is an investor in Kolkata-based microfinance institution Bandhan Financial Services, as well as in non-banking finance company Magma Fincorp, both of which have applied for a banking licence.
A top official at IFC said that it's something that would need approval, but IFC is definitely open to looking at people coming to it for support. We have a global track record of taking equity stakes in banks, the official said.
During fiscal 2013, IFC, one of the largest and most active risk capital investors in the country, invested $1.4 billion across 39 projects in India , and now plans to increase its spending by more than a third, with greater allocation for equity investments.