One of China’s big state-owned banks has seen robust growth since the start of the year in its online lending initiative to drive financial inclusion for the rural economy.
Agricultural Bank of China (ABC) has announced that its “Rural Benefit E-loan” (惠农e贷) balance hit 603.9 billion yuan at the end of February, for growth of 59.2 billion yuan, or 10.9%, since the start of the year.
The initiative had 3.95 million customers at the end of February, for an increase of around 270,000 or 7.3%.
ABC said that the initiative is part of efforts to help drive China’s rural development policies.
“ABC firmly cleaves to national strategy, and makes loans to outstanding key areas,” said ABC, pointing in particular to grain security, and ensuring the stable production and supply of agricultural products.