On February 05, 2021 ICICI Bank has signed a Memorandum of Understanding (MoU) with MUFG Bank Ltd, Japan to jointly cater the banking requirements of Japanese corporates present in India.
The MoU was signed by Vishakha Mulye, Executive Director, ICICI Bank and Mr. Junsuke Koike, Executive Officer and Regional Executive for India and Sri Lanka, MUFG Bank at a virtual event.
Provisions of MoU:
i.It establishes a framework of partnership between the banks across various domains including trade, investment, treasury, corporate and retail banking
ii.The 2 banks cater the needs of Japanese Corporates in India by combining their individual strengths.
FDI inflows in India:
i.Japan is the 5th largest investor in India’s economy with cumulative FDI inflows of $34.15 billion from April 2000 to September 2020, contributing 7% to India’s total FDI inflows during the period.
ii.The maximum FDI Equity inflows during the period was from Mauritius, followed by Singapore, USA and Netherlands.
ICICI Bank’s Recent Launch for Foreign Companies:
ICICI Bank Ltd launched ‘Infinite India’, an online platform for foreign companies who set up or expand business in India. With this launch, ICICI bank becomes the 1st bank in India to offer such facilities. This initiative is an industry first initiative.
Recent Related News:
On January 20, 2021 ICICI Bank launched a mobile app, ‘InstaFX’ that allows authorised money changers, who are the partners of the bank to help customers of any bank to obtain ‘ICICI Bank Forex Prepaid Card’ quickly.
About ICICI Bank:
i.The bank was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry.
ii.The consolidated total assets of the bank was Rs 15,19,353 crore at December 31, 2020.
Headquarters– Mumbai, Maharashtra
Managing Director (MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
About MUFG Bank Ltd:
President & CEO– Kanetsugu Mike
Head Office– Tokyo, Japan