In order to support a Chair to conduct independent research, HDFC Bank and the Institute of Economic Growth (IEG) have signed a Memorandum of Understanding. It would be located on the IEG campus in New Delhi and be called as the “HDFC Bank Chair of Banking and Finance.” With effect from September 1, 2022, the Bank would provide IEG with a financing assistance of Rs 6.75 crore over a five-year period for this Chair.
The other day, a celebration was organised to mark the agreement between HDFC Bank and the Institute of Economic Growth being signed. Mr. Atanu Chakraborty, the chairman of HDFC Bank, Prof. Ramesh Chand, a member of NITI Aayog and the chairman of IEG, as well as other top bank executives, attended the event. Prof. Chetan Ghate, Director of IEG, gave out a message from Mr. NK Singh, President, during the ceremony.
One of India’s top think tanks for economic and social development, IEG is widely regarded as a Center of Excellence. IEG focuses on long-term research that enables professors to gain in-depth subject matter knowledge. The “HDFC Bank Chair” will conduct research on important and developing banking and financial issues and offer regular seminars to share its findings and views.
The banking and financial services sector, regulators, and the corpus of knowledge in this crucial field will all gain. Some of the areas of focus for this centre include the most recent developments in regulation, financing of the agriculture and MSME sectors, innovation in capital markets, and economic drivers of financial inclusion and digital transformation in the financial services industry.
The largest private sector bank in India, HDFC Bank offers banking and financial services all throughout the country. It is the top national supplier of financial services with more than 6000 branches, 70 million clients, and a balance sheet asset value of roughly Rs 20 lakh crore.