• Published on 15 June 2023
• 946 Views
• Print

Citi launches sustainable deposits solution for institutional clients in India

Citi launched a new sustainable time deposit solution in India, designed to assist institutional clients when investing excess cash while supporting their sustainability goals.

The new sustainable time deposit solution reflects the growing interest in sustainable investment, products and services from clients. India is the third market in Asia Pacific after Singapore and Hong Kong to launch this product for clients, expanding Citi’s programme that now serves clients across Europe, the Middle East and the U.S.

The funds deposited in this product, offered by Citi in India, will support projects identified under the Citi Social Finance Framework. The funds will be allocated by Citi to finance or refinance assets in a portfolio of eligible social finance projects, including those expanding access for low-income and underserved communities across affordable basic infrastructure, affordable housing, economic inclusion, education, food security and healthcare.

Mridula Iyer, head of treasury and trade solutions, Citi India and South Asia, said: “Sustainable solutions in India are gaining significant traction from clients who are looking for customised solutions to help meet their sustainability goals. The expansion of our sustainable deposits product suite in India shall support our clients in their ESG-transition journey.”

The sustainable time deposit solution is the latest addition to the suite of sustainable products introduced by TTS in India, including sustainable supply chain financing and sustainable trade loans.

Sandip Patil, Asia Pacific head of liquidity management services and digital assets, treasury and trade solutions at Citi, said: “The sustainable deposit solutions that were launched in Hong Kong and Singapore last year have proved to be a popular investment option for our finance and treasury clients to date.”

Through its social finance team, Citi has over a 15-year track record of developing new business models and partnerships that leverage market-based approaches to improve the livelihoods of low-income communities. These solutions enable Citi, its clients, and partners to expand financial inclusion, accelerate access to basic services, boost job creation and scale social infrastructure development in emerging markets. As part of its social finance focus, Citi is aiming to invest in opportunities for 15 million low-income households, including 10 million women globally by 2025.

At Citi, helping clients navigate the challenges and embrace the opportunities of a rapidly changing world is fundamental to its mission of enabling growth and economic progress. Through its sustainable solutions offerings and $1 trillion Sustainable Finance Goal by 2030, Citi is financing and facilitating a wide range of activities including renewable energy, sustainable transportation, healthcare, and affordable housing, to help support reaching a sustainable, low-carbon economy that supports the environmental, social, and economic needs of society.

 Re-disseminated by The Asian Banker