Original disclosure @ FMO website
Updated in EWS Oct 27, 2022
Disclosed by Bank Mar 24, 2022
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The main funding objective of the equity investment is to i) strengthen Company's capital position, ii) to support the Company's transformation towards a digitally equipped bank and iii) to increase the Company's reach of services to people who were previously financially excluded
North East Small Finance Bank is an E&S Risk C category client. Based on the business model (micro and SME loans) and size of the Company's clients, the potential adverse environmental and social impact from the Bank's operations is minimal.
North East Small Finance Bank ("the Company") is a small finance bank based in the North-Eastern region of India. With 214 branches the bank reaches over 800k customers across nine states of India. The Company offers microfinance products and MSME loans to entrepreneurs, as well as deposits and other banking services. The Company offers banking services to North East's client based in un(der)banked areas in rural areas.
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism