AGREEMENTS & MoUs SIGNED AND LOANS ISSUED BY BANKS-JANUARY
LOANS ISSUED BY BANKS
| LOANS ISSUED BY | RECEIVED BY | AMOUNT | KEY NOTES |
| Reserve Bank of India | Sri Lanka | US$ 900 million | Reserve Bank of India (RBI) extended over US$ 900 million loan facilities to Sri Lanka, comprising Asian Clearing Union (ACU) settlement of over USD 500 million and currency Swap of USD 400 million.This funding will aid Sri Lanka to overcome forex crisis and shortage of almost all essential commodities due to a shortage of dollars to pay for the imports.It will be utilized to build up its depleted foreign reserves and for food imports. |
| World Bank | West Bengal | USD 125 million (around Rs 1,000 crore) | To support its effort towards social protection service access to the poor and vulnerable groups.The loan will be sanctioned under the ‘WB Building State Capability for Inclusive Social Protection’ operation which will strengthen the access to social assistance and targeted service for poor and vulnerable groups. The Headquarters of World Bank is Washington, D.C., United States. |
AGREEMENTS & MoUs SIGNED
| BANKS | SIGNED WITH | KEY NOTES |
| HDFC Bank and Excelpoint Systems India Pvt. Ltd. | STPINEXT | AIC STPINEXT Initiatives (STPINEXT), a special purpose vehicle of Software Technology Parks of India (STPI), under the Ministry of Electronics and Information Technology (MeitY), has signed two Memorandums of Understanding (MoUs), one with HDFC Bank and the other with Excelpoint Systems India Pvt. Ltd. to enhance the tech startup ecosystem in India. Both HDFC Bank and Excelpoint Systems will support the startups through technical guidance and assistance, mentoring, pitching to investors, funding support, and market connect & access. |
| Karnataka Vikas Grameena(KVG) Bank (KVGB) | Mecwin Technologies(Tech) Ltd | A Regional Rural Bank (RRB), Karnataka Vikas Grameena(KVG) Bank (KVGB), has signed a Memorandum of Understanding (MoU) with Bengaluru (Karnataka)-based Mecwin Technologies(Tech) Ltd to introduce farmer-friendly solar-powered pump-sets using bank finance. Solar-powered pump-sets will replace diesel pump- sets resulting in reduced carbon emissions. The headquarters of Karnataka Vikas Grameena Bank (KVGB) is Dharwad, Karnataka |
| Indian Bank | Edelweiss Financial Services and ECL Finance | Edelweiss Financial Services and ECL Finance signed a co- lending agreement with Indian Bank to expand services under priority sector lending (PSL). The co-lending agreement will help in expanding the portfolio of lending products and will ultimately increase credit access. The Headquarters of Indian Bank is Chennai, Tamil Nadu. |
| National Bank for Agriculture and Rural Development (NABARD) | Arthimpact Digital Loans (ARTH) | Signed a partnership agreement to provide end-to-end fintech (financial technology) solutions to support self-help groups (SHGs). ARTH will provide credit, payments and insurance solutions support to micro-MSME enterprises. |
| ICICI Prudential Asset Management Company (AMC) | First Trust Advisors | ICICI Prudential Asset Management Company (AMC) signed an agreement with First Trust Advisors, an US-based company to launch a global Fund of Funds (FoF). Under the agreement, the ICICI Prudential AMC will launch a strategic metal & energy equity FoF. It invests in offshore funds of First Trust Advisors.The ICICI Prudential strategic metal & energy equity FoF will open for subscription on January 17 and will close on January 31, 2022. |
| Kotak Mahindra Bank Limited (KMBL) | Gujarat International Finance Tec-city – Special Economic Zone (GIFT SEZ) Limited | A wholly-owned subsidiary of GIFT-City, to improve customer’s overall financial services offerings. KMBL and GIFT SEZ will jointly work on promoting the GIFT International Financial Services Centre (IFSC) jurisdiction for Alternative Investment Fund (AIF) structures, holding seminars and knowledge series, ease of doing business along with Global Custody Services. The headquarters of Kotak Mahindra Bank Limited (KMBL) is Mumbai, Maharashtra. |
| NPCI International Payments Limited (NIPL) | TerraPay | NPCI International Payments Limited (NIPL), international arm of National Payments Corporation of India (NPCI), signed a Memorandum of Understanding (MoU) with TerraPay, the Netherlands-based global payments infrastructure company.This partnership will allow Indians with an active UPI (Unified Payments Interface) ID to receive real-time, international payments into their bank accounts via TerraPay’s fully regulated, secure, scalable and efficient channel. |
