Citi has announced the launch of a new sustainable time deposit solution in India, designed to provide a means for institutional investors to use their excess cash towards sustainable ends.

Citi already launched the same product in Hong Kong and Singapore in August last year, meaning that India is now the third market in the region to launch this product. The product is also available in Europe, the Middle East and the US.

Funds parked in the product 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.

The sustainable time deposit is only one of several sustainable products introduced by Citi in India. Other products include sustainable supply chain financing and sustainable trade loans.

“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,” said Mridula Iyer, head of treasury and trade solutions for Citi India and south Asia.