HDFC Bank signs MoU with Institute of Economic Growth
Premium- The bank said it will support IEG for this chair for over five years with a funding support of ₹6.75 crore, with effect from 1 September.
MUMBAI: Largest private lender HDFC Bank has signed a memorandum of understanding with the Institute of Economic Growth (IEG) to fund a chair to carry out independent research.
It would be known as ‘HDFC Bank Chair of Banking and Finance’ and would be housed at the IEG campus, New Delhi, the bank said in a statement. The bank said it will support IEG for this chair for over five years with a funding support of ₹6.75 crore, with effect from 1 September.
The memorandum of understanding was signed in the presence of Atanu Chakraborty, chairman, HDFC Bank and Ramesh Chand, a member of the Niti Aayog and the chairman of IEG and other senior bank officials.
IEG is widely recognized as a centre of excellence and one of India's leading think tanks in the fields of economic and social development. IEG specialises in long-term research that encourages the faculty to develop deep expertise in an area. The HDFC Bank chair will carry out research in crucial and emerging aspects on banking and finance and hold periodic seminars for exchanging its findings and insights, the bank said.
"It will benefit the banking and financial services industry and regulators, as also build a body of knowledge in this vital area. Latest trends in regulation, financing of agriculture and MSME sectors, innovation in capital markets and economic drivers of financial inclusion and digital transformation within financial services are some of the areas of emphasis for this centre," it said.
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