First Indian bank to sign an MoU with BRICS bank

Question: Which of the following become first Indian bank to signed a Memorandum of Understanding (MoU) with the BRICS bank (New Development Bank (NDB))?
(a) State Bank of India
(b) Punjab National Bank
(c) ICICI Bank
(d) HDFC Bank
Ans (c)
Related facts:

  • On 5 May 2016 ICICI Bank, India’s largest private bank signed a Memorandum of Understanding (MoU) to establish a strategic partnership with the New Development Bank (NDB).
  • With this ICICI Bank is the first Indian bank to sign an MoU with NDB.
  • Chanda Kochhar, MD & CEO, ICICI Bank and K V Kamath, President, NDB, signed the MOU on behalf of their organizations.
  • This partnership will help NDB in exploring bond issuance opportunities in the Indian and international bond markets, particularly INR-denominated bonds.
  • Both the banks will collaborate in the area of funding development projects in India.
  • ICICI Bank and NDB will also leverage a mutually beneficial partnership in areas such as treasury risk management, account and cash management services and human resource development.

Reference:
http://www.ndb.int/icici-bank-signs-mou-with-new-development-bank.php#parentHorizontalTab2
http://www.icicibank.com/managed-assets/docs/about-us/2016/new-development-bank-for-business-partnership.pdf