Page 11 - Banking Finance October 2022

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Subramanian appointed toral cycle for directors, which is upto interest, approval is sought to mobilise
October 31, 2022. some more funds by way of issue of
India's next executive di- redeemable NCDs/bonds on private
"Getting India's nominee elected for a
rector at IMF period of 9 days only and thereafter placement basis," GIC Housing Finance
said in its annual report 2021-22.
The Appointments Committee of the causing a bye-election for the new in-
Cabinet has approved former Chief cumbent would have been impracti- The housing financier will seek ap-
Economic Adviser Krishnamurthy cal," an official said, adding that nomi- proval from its shareholders on the
Subramanian for the post of Executive nations for the next two-year term capital raise plan in the upcoming an-
Director (India) at the International which begins on November 1, have to nual general meeting on September
Monetary Fund for a period of three be made by August 29. 23, 2022.
years starting November 1, 2022, or
"The IMF's EDs are elected for a pe- The company said whether the funds
until further orders.
riod of two years through voting by the will be moped-up in one or more
Mr. Subramanian, who is currently a Governors representing the respective tranches will depend upon the require-
Finance Professor at the Indian School constituency countries. India is in a 4- ment, time of issue as well as market
of Business, will replace Surjit S. Bhalla country constituency having India, conditions, in accordance with the de-
who was appointed to the role in 2019.
Bangladesh, Sri Lanka and Bhutan as cision of the committee of the board
The Secretariat to the Cabinet's ap- members. The next 2-year term of the members.
pointments panel said the EDs will start from November 1, for
appointment's approval entailed cur- which the voting will happen on Octo-
Nepal opens first human
tailing the tenure of Mr. Bhalla up to ber 14," the official added.
October 30, 2022. milk ban for at-risk infants
Mr. Bhalla had been appointed as the GIC Housing Finance to Nepal President Bidhya Devi Bhandari
Executive Director (India) at the IMF inaugurated the Himalayan nation's
raise upto Rs. 2,500 crore
for a period of three years in October first-ever human milk bank at a mater-
via bonds
2019 after his predecessor Subir nity and women's hospital here to give
Gokarn had passed away in July 2019. GIC Housing Finance has said it is mull- premature and other at-risk infants
ing to raise up to Rs 2,500 crore by is- access to the vast benefits of breast
On the curtailment of Mr. Bhalla's ten-
suing bonds on a private placement milk when they need it the most.
ure, government sources explained
basis to augment its capital resources.
that he had joined the IMF Executive 'Amrit Kosh,' the human milk bank at
Board on November 9, 2019 and his "Seeing the long-term borrowing re- the Paropakar Maternity and
term has been curtailed by 9 days to quirement of the company and to aug- Women's Hospital has the facilities to
align it with the IMF's two-year elec- ment resources at a cheaper rate of collect, pasteurise, test, and store safe

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