Citigroup Inc’s Indian branch is scheduled to offer sustainability-linked deposits in the coming months to its commercial and institutional clients, creating the first-of-its-kind product offering in the country, according to the media report.

The report added that Citi would invest money raised from these deposits to support multinational customers in meeting their environmental, social, and governance duties in India.

Projects funded from these deposits include the ones commenced by less privileged women and those belonging to economically backward communities, the people known to the matter said.

Citi’s plans to unveil this product in India track its sustainability-linked supply chain financing and viable trade finance strategies in Asia Pacific in 2021.

Recently, the bank proclaimed a co-financing loan for the agricultural region to IndusInd Bank along with Japan International Cooperation Agency (JICA).

In 2022, the lender, having a $1 trillion sustainable finance pledge by 2030, launched these deposits in Singapore and Hong Kong, according to a press statement.

Funds invested in these term deposits will use to refinance assets in green, environmental, or social finance tasks.