HDFC Bank, India’s leading private sector bank announced it has signed a Master Inter Bank Credit Agreement with Export Import Bank of Korea for a US $ 300 million line of credit.. The pact was signed at GIFT City, Gujarat. This will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses. The pact is likely to promote and increase the bank’s business with Korean entities and products. The first drawdown under the program would happen by May.
“Our agreement with Korean Eximbank will further strengthen and support trade and investment flows between India and Korea which can potentially create more jobs in the country. We will pursue deals under this agreement and may look to expand the programme,.” said Mr Arup Rakshit, Group Head, Treasury, Sales Analytics and Overseas Business.
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