ICICI Bank said on Thursday it has constituted a Rs 100 crore (Rs 1 billion) loan fund for assisting companies engaged in the green business or abetting eco-friendly activity.
"This dedicated fund was set up on Wednesday, which will help small and medium enterprises to take benefit of this initiative and promote sustainable growth," ICICI Bank Deputy Managing Director Nachiket Mor told reporters on the sidelines of a CII seminar on venture capital.
The fund would provide short term or medium term loan to companies, he said adding, loan could be of any amount ranging between Rs 500,000 to Rs 40 lakhs (Rs 4 million) depending on the size of the project.
"The Rs 100 crore
fund is the initial effort, let's see how we take it forward," he added.