• India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 11, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Tata Capital Financial Services Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 122.94 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 12, 2024

Disclosed by Bank Jan 8, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment comprises up to US$125 million equivalent investment in Tata Capital Financial Services Limited (TCFSL) through subscription of secured, redeemable non-convertible debentures (NCDs) to be issued by the Company. TCFSL, a wholly-owned subsidiary of Tata Capital Limited (TCL) and has a diversified portfolio across retail, small and medium enterprises (SMEs), and corporates. As of March 2023, TCFSL has an asset under management (AUM) of US$8.77 billion, supported by an equity base of US$1.25 billion The proceeds of the IFC investment will be primarily used to expand TCFSL’s microfinance portfolio, of which 100% of the loans are provided to women-owned micro-enterprises on a joint-liability-group (JLG) model.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The project involves five-year senior loan of up to US$125 million to Tata Capital Financial Services Limited (TCFSL) for expanding the Company’s microfinance portfolio to women borrowers. This presents limited to no E&S risks and impacts, and the project is categorized as Category FI-3. The proceeds will not be used to support any coal-related activities or higher risk business activities that may include significant Occupational Health and Safety risks or impacts on the environment, community health and safety, biodiversity, cultural heritage, involuntary resettlement, or risk of adverse impacts on Indigenous Peoples.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The investment comprises a secured debt investment of up to US$125 million equivalent structured as NCDs.

Investment as approved by the Board: Loan 122.94 million (USD)

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

TCFSL is a wholly-owned subsidiary of TCL. Tata Sons Limited holds 94.63% in TCL.

TCL has three financial services subsidiaries, including TCFSL, Tata Cleantech Capital Limited (TCCL), and Tata Capital Housing Finance Limited (TCHFL). TCL is in the process of reverse merging TCFSL and TCCL into itself.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


Tata Capital Financial Services Limited
Mr. Jaykumar Shah
Chief Financial Officer
1860 267 6060
11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013.


You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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