HDFC Bank signs MoU with Institute of Economic Growth

MUMBAI: The largest private lender HDFC Bank has signed a memorandum of understanding with the Institute of Economic Growth (IEG) to fund a chair to conduct independent research.

It would be known as the HDFC Bank Chair of Banking and Finance and would be housed at the IEG campus in New Delhi, the bank said in a statement. The bank said it would support IEG for this chair for more than five years with financial support from 6.75 crores, effective September 1.

The MoU was signed in the presence of Atanu Chakraborty, Chairman of HDFC Bank and Ramesh Chand, Member of Niti Aayog and Chairman of IEG and other senior bank officials.

IEG is widely recognized as a center of excellence and one of India’s leading think tanks in the fields of economic and social development. IEG specializes in long-term research that encourages faculty to develop in-depth expertise in a field. The HDFC Bank Chair will carry out research on crucial and emerging aspects of banking and finance and hold periodic seminars to exchange its findings and ideas, the bank said.

“This will benefit the banking and financial services industry and regulators, while building a body of knowledge in this vital area. Latest trends in regulation, finance for the agriculture and MSME sectors, innovation on capital markets and economic drivers of financial inclusion and digital transformation within financial services are some of the focus areas of this center,” he said.

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