Page 5 - Banking Finance October 2025

BANK UPDATE

lion commercial credit line agreement
with the ECOWAS Bank for Investment
and Development (EBID), aimed at
deepening trade and economic ties
between India and West Africa. The
deal will help Indian businesses contrib-
ute to Africa's development, especially
in infrastructure, by offering goods and
Ò»©­ services considered cost-effective and

adaptable to local conditions.
Ashok Kumar Vartia, Chief Executive of
Exim Bank's London branch, noted that
this collaboration reflects a shared
commitment to sustainable growth
amid global trade uncertainties. The
Rajiv Ranjan appointed VP and CRO of New Devel- agreement is expected to foster more
opment Bank robust India-Africa partnerships
through strategic financial coopera-
Rajiv Ranjan, Executive Director at the Reserve Bank of India (RBI), has been tion.
appointed as Vice President and Chief Risk Officer of the New Development India Exim Bank serves as the principal
Bank (NDB) for a five-year term. A career central banker with over 35 years institution for promoting Indian ex-
of experience, Ranjan is expected to assume charge in September. Since ports and coordinating with other ex-
May 2022, he has served as a member of the RBI's Monetary Policy Com- port financing agencies, while EBID is
mittee.
the financial arm of the 15-member
His prior roles at the RBI include heading the Monetary Policy Department Economic Community of West African
and the Department of Economic and Policy Research. He has also worked States (ECOWAS), focusing on regional
with the Central Bank of Oman and represented India in multilateral insti- development.
tutions such as the G20, IMF, World Bank, BIS, and OECD.
The NDB, established by BRICS nations, said Ranjan's appointment brings Over 1 in 5 Jan Dhan ac-
strategic value as the bank deepens its engagement with the Global South counts lie dormant after 11
and enhances risk management capabilities across emerging economies.
years
Rajiv Anand takes charge decades of experience in leadership As the Pradhan Mantri Jan Dhan Yojana
roles, was formerly Deputy Managing (PMJDY) marks its 11th anniversary,
as CEO of IndusInd Bank Director at Axis Bank. new data presented in Parliament re-
Veteran banker Rajiv Anand has officially He is expected to steer the bank veals that more than 23% of the
taken over as the Managing Director through its current challenges and scheme's accounts are now inopera-
and Chief Executive Officer of IndusInd strengthen its governance and compli- tive.
Bank. The appointment, previously an- ance framework. The bank confirmed his As of August 6, over 13 crore of the
nounced earlier this month, comes at appointment in a regulatory filing, ex- 56.04 crore accounts opened under
a critical time as the bank seeks to re- pressing confidence in Anand's ability to PMJDY have seen no activity for more
build investor confidence after a $230 drive long-term growth and stability. than two years, with Rs. 2.64 lakh
million loss caused by misaccounting of crore parked in them. This marks a
internal derivative trades. India Exim Bank signs $40 reversal of earlier trends when dor-
This incident had prompted the resig- million credit line with mant accounts remained below 20%.
nation of former CEO Sumant RBI guidelines classify an account as
Kathpalia and Deputy CEO Arun EBID inoperative if it has no customer-initi-
Khurana in April. Anand, who brings India Exim Bank has signed a $40 mil- ated transactions for 24 months.

BANKING FINANCE | OCTOBER | 2025 | 5