Page 30 - Banking Finance MAY 2017

PRESS RELEASE

Bank of Baroda enters into MOU with EM3 Agri Services Pvt. Ltd

Mumbai, 17th April 2017: Bank of Baroda, India’s International Bank, with the focus on government’s priority in doubling
of farmer’s income by 2022 is creating an ecosystem to provide end to end solution to farmers. With this objective, BOB
entered into MOU with EM3 Agri services Pvt. Ltd to provide finance for purchase of farm machinery & farm equipments
to farmers, JLGs, SHGs, FPOs and small rural entrepreneurs who will be franchisee of the company and offering various
services to farmers.EM3 is offering various farm mechanization services ranging from land preparation, transplantation/
sowing to crop harvesting and post-harvest management for small hold farmers on a pay-per-use basis. Mr. G.B.Bhuyan,
Head- Rural & Agri Banking and CSR presided over the function and exchanged MOU with Mr. Rohtash Mal, Founder &
Chairman of EM3 Agri services Pvt. Ltd.
On this occasion Mr. G.B.Bhuyan, Head- Rural & Agri Banking and CSR said “We have entered memorandum of
understanding with EM3 Agri Services Pvt. Ltd to work jointly and to provide loans to the farmers who will be franchisee
of the company for purchase of farm machinery & farm equipments, for crop production & farm mechanization. This
relationship of Bank of Baroda, one of the premier banks of our country, with EM3 Agri Services Pvt. Ltd will immensely
benefit the farmers in increasing their productivity and earnings.”
Narration of the Photograph: Mr. G.B. Bhuyan (Right), Head – Rural & Agri Banking and CSR, Bank of Baroda seen
exchanging the agreement with Mr. Rohtash Mal, (Left) - Founder & Chairman of EM3 Agri Services Pvt. Ltd.
RBL Bank launches RBL iLabs, and it's first-ever Hackathon

RBL Bank, one of India's fastest growing private sector banks, has announced the launch of RBL iLabs, a unique initiative
to promote innovation in Banking and Financial services. This also marks the announcement of RBL Hackathon, a solution
development programme aimed at fostering the creation of new solutions in Banking and Financial Services. The contest
is aimed at engineering students, IT professionals, tech enthusiastic, start-ups, and app developers.
The RBL Bank Hackathon is supported by IBM, StartupBootcamp, PricewaterhouseCoopers Private Ltd, The Hive, 91
Springboard, Amazon Activate and NetMagic.
Speaking at the launch Mr. Sanjay Sharma, Head - Technology, Innovation and Customer Fulfillment, RBL Bank said,
"Financial services industry in India is undergoing a digital transformation with innovation at its core. RBL is launching
this hackathon to create innovative and viable solutions that surpass the currently available solutions in the market,
thereby aiming to provide a superior and intuitive experience to the end user. The whole idea is to secure and raise
customer experience to an all new level."
"The open innovation theme of RBL Bank Hackathon will provide fintech and start-ups, IT professionals etc. with a unique
opportunity to explore technologies like AI, machine learning, block chain, digital currency etc. To improvise and transform
the banking industry. This platform is created to recognize and reward the best of them and give them an opportunity
to change the Fintech industry," he added further.
D-Mart makes huge gain in mutual funds

Radhakrishnan Damani led Avenue Supermarts which runs the D-Mart value chain, has proved a hit for equity fund
managers. In the month of March, mutual funds managed to corner 30% of the shares on offer via the IPO. Of the 62.5
million shares on sale, fund managers swiped over 19 million at an offer price of Rs 299. Major chunk of the invest-
ments were made in anchor books of the IPO.
Approximately 81 equity schemes have allotted their assets to Avenue Supermarts. Schemes which could lap up more
number of these shares include HDFC Prudence, HDFC Equity, HDFC Top 200, HDFC Balanced Fund, ICICI Prudential
Focused Bluechip Fund, Axis Equity Fund, ICICI Prudential Midcap Fund and Reliance Growth Fund. No other listed
retail stock has mutual fund exposure as high as Avenue Supermarts. Other retail sector mutual fund investments in-
clude Future Retail, where 32 schemes have invested Rs 427 crore; Trent, where 15 schemes have invested Rs 793
crore; and Shoppers Stop, where 12 schemes have investments worth Rs 408 crore.

30 | 2017 | MAY | BANKING FINANCE

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