On April 12, 2023, HDFC Bank signed a ‘Master Inter Bank Credit Agreement’ with Export Import Bank of Korea (KEXIM) for a USD 300 million line of credit. The agreement was signed by the representatives of HDFC Bank and KEXIM at GIFT (Gujarat International Finance Tec) City in Gandhinagar, Gujarat.
- This finance will be utilized by the bank towards funding requirements of the companies having equity participation by Korean companies; companies having business relationships with Korean companies; and the consumers for purchase of cars manufactured by Korea-related companies.
Key People:
The signing ceremony was attended by the KEXIM’s team led by Choun-Jae Lee, Director General, Head of Interbank Finance Department, while HDFC Bank was represented by Arup Rakshit, Group Head, Treasury, Sales Analytics and Overseas Business of HDFC Bank and Anand Iyer, Head, GIFT City IBU(IFSC Banking Unit) of HDFC Bank, among others.
Key Points:
i.The pact will help HDFC Bank to do more business with Korean companies and products, which could make their operations grow.
ii.This deal can also make it easier for India and Korea to trade and invest with each other, potentially leading to more jobs in India.
iii.Korea Eximbank is a Korean government export credit agency that supports Korean companies doing business abroad by providing loans and credit.
HDFC Mutual Fund launches schemes for Large, Mid & Small-Cap Segments
HDFC Asset Management Co. Ltd., investment manager to HDFC Mutual Fund (HDFC MF) launched three schemes viz. HDFC S&P BSE 500 Index Fund, HDFC NIFTY Midcap 150 Index Fund & HDFC NIFTY Smallcap 250 Index Fund allowing investors to diversify their portfolio to large, mid and small-cap segments.
- These schemes opened for public subscription on April 6, 2023 and will close on April 18, 2023.
- These are open-ended schemes replicating/tracking the S&P BSE 500, NIFTY Midcap 150 Index, and NIFTY Smallcap 250 Index respectively.
Key Points:
i.These investment schemes are appropriate for investors who have a low tolerance for risk and are seeking to broaden their portfolio
ii.The scheme involves no ‘entry load’ or ‘exit load’. This means, that investors have no need to pay anything to make investments under the scheme or exit from the scheme.
Recent Related News:
i.On March 15, 2023, HDFC Bank and Flipkart Wholesale, the B2B (Business To Business) platform of Flipkart Group, launched an industry-first co-branded credit card exclusively for Flipkart Wholesale members.
ii.On March 15, 2023, HDFC Bank and Flipkart Wholesale, the B2B (Business To Business) platform of Flipkart Group, launched an industry-first co-branded credit card exclusively for Flipkart Wholesale members.
About HDFC Bank:
MD & CEO – Sashidhar Jagdishan
Establishment – 1994
Headquarters – Mumbai, Maharashtra
Tagline – We Understand Your World
