ICICI Bank Signed MoU with New Development Bank
- ICICI Bank on May 5, 2016 became the first financial institution in the country to tie-up with the BRICS Grouping-promoted New Development Bank (NDB) for a partnership in bond issuances, co-financing, treasury management and human resources.
- The agreement creates a platform for sharing knowledge and deepening network connectivity between NDB and ICICI Bank.
- ICICI Bank and NDB will also leverage a mutually beneficial partnership in other areas such as treasury risk management, account and cash management services and human resource development.
- The NDB has its Headquarters in Shanghai, and began its operations with an initial capital of $ 100 billion last year as a multilateral development bank promoted by Brazil, Russia, India, China and South Africa.
Corporate Sector
NALCO Signed MoU with Iran to Set-up Smelter Plant
- National Aluminium Company Limited (NALCO) on May 23, 2016 signed an MoU with Iranian Mines & Mining Industries Development & Renovation Organisation (IMIDRO) to explore the possibility of setting-up a smelter on joint venture in Iran.
- The agreement emphasised on arrangement with existing smelters in Iran for producing aluminium from alumina supplied by NALCO, using the low-cost gas-based energy available in Iran for conversion of its surplus alumina, the setting-up of a joint taskforce comprising NALCO and IMIDRO experts to work out the details of the project
- Earlier, NALCO announced to organise a festival of Indian classical performing arts including Odissi at Teheran to strengthen cultural bonds between the two countries.
Reliance Jio Launched JioMoney Digital Wallet
- Reliance Jio Info com launched its new digital wallet service, named JioMoney Wallet, on the Apple and Android app stores on May 11, 2016.
- JioMoney is a semi-closed prepaid wallet that aims to enable mobile-based transactions, where customers can store money and use it for purchasing goods and services.
- With JioMoney, users can do mobile and DTH recharges, send/receive money, make bill payments, pay insurance and other premium.
- It will support payments on online stores like Clarks, Bookmyshow and Groupon along with payments support for the Reliance ecosystem.
NASSCOM, Facebook Inked MoU
- National Association of Software and Services Companies (NASSCOM) on May 5, 2016 signed a partnership agreement with Facebook to build a ‘product design initiative’ in the country.
- It is aimed at offering focused programmes to build awareness around product design, training on design tools, design lab, awards, design sprints and mentorship.
- This will be a flagship programme of the NASSCOM Product Council with an aim of supporting over 500 product startups on product design and provide training over 5000 product designers in the next two years.
