Page 22 - Banking Finance November 2022

PRESS RELEASE

India Exim Bank signs Issuing Bank Agreements with five

Bangladeshi Banks to support trade between India and Bangladesh

Export-Import Bank of India (India Exim Bank)during engineering goods, iron & steel and textiles . The conclusion
October 16-17, 2022, concluded Issuing Bank of Issuing Bank Agreements with the above 5 banks opens
Agreementswith 5 Bangladeshi Banks viz., Mutual Trust up more opportunities to support trade between the
Bank Ltd., Dhaka Bank Ltd., Bank Asia Ltd., Midland Bank countries and enable these banks to establish working
Ltd. and Shahjalal Islami Bank under India Exim Bank’s new relationship with wider number of commercial banks in
trade facilitation initiative, Trade Assistance Programme India.
(TAP).
India Exim Bank also organised an interactive session on TAP
India Exim Bank, through its global network of offices and in Dhaka on October 17, 2022, to brief the partner banks
wide range of financial, advisory and capacity building about the objective, process flows and documentation. The
activities, has strived to play a catalytic role, as a key session was attended by around 50 bankers from local banks
player, in promoting India’s international trade and in Bangladesh. The Team highlighted the following key
investment relations with partner countries, while
offerings of TAP covering economies across Asia, Africa and
contributing to the internationalisation endeavours of Latin America: (a) Support to Trade Finance Instruments;
Indian business.
(b) Irrevocable Reimbursement Undertaking; (c) Fronting
With this backdrop, India Exim Bank has developed a new Guarantees / Issuance of Counter Guarantees; and (d) Risk
trade facilitation initiative Trade Assistance Programme Participation.
(TAP). Under TAP, India Exim Bank provides support through
Such support towards trade facilitationwould complement
credit enhancement to trade instrument(s), thereby
and strengthenthe growing economic engagement
enhancing the capacity of commercial banks/financial
between India and Bangladesh. India Exim Bank has, on
institutions to support cross-border trade transactions
behalf of the Government of India, extended four Lines of
involving markets where trade lines are constrained or
Credit [LOCs] aggregating USD 7.862 billion to the
where the potential has not been harnessed.
Government of the People’s Republic of Bangladesh, for
During the signing of the agreements, India Exim Bank’s financing 42 developmental projects in Bangladesh. India
Chief Financial Officer Mr. Tarun Sharma highlighted that Exim Bank has also extended a term loan of USD 1.60 billion
over the last few months, India Exim Bank has supported for 2X660MW Maitree Super Thermal Power Project, which
multiple trade transactions with Bangladesh aggregating is expected to generate significant development outcomes
close toUSD 20mn covering a wide range of sectors including improved industrial output due to better power
including agriculture, automotive parts, capital and availability in Bangladesh.

HDFC Bank adjudged Market Leader in SME Banking and Diversity

Inclusion in India by Euromoney magazine

HDFC Bank has been adjudged Market Leader in SME Banking as well as Diversity & Inclusion in India, by the prestigious
Euromoney magazine, in its inaugural “Market Leaders” rankings.

Euromoney Market Leaders is a new accreditation introduced this year, to independently assess leading financial service
providers, in 124 countries globally. The assessment for ‘Market Leaders’ recognition comprises a financial institution’s
achievements and capabilities over a longer – term, beyond a 12-month period, unlike awards.
As part of the assessment, Euromoney ranks financial institutions across eight categories:
Investment Banking; Corporate Banking; SME Banking; Islamic Finance; Environmental and Social Governance (ESG);
Digital Solutions; Corporate and Social Responsibility (CSR); and Diversity & Inclusion. In each category, companies are
ranked as per three ranking tiers: Market Leader (Tier-1), Highly Regarded (Tier-2), and Notable (Tier-3).

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