Economy and Banking Current Affairs May 2016

Corporate Sector

Kotak Mahindra Bank Opened International Bank Unit

  • Kotak Mahindra Bank on May 4, 2016 announced opening of its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec City (GIFT City) to meet the requirements of offshore banking operations from India.
  • Earlier IBUs of YES Bank, Federal Bank and ICICI Bank have put their operational at the GIFT city. Gandhinagar-based GIFT City, India’s first and only IFSC, has been developed and designed to meet the growing demand of Indian corporates for financial funding and services in overseas markets.

Mahindra 6c Mahindra became First Indian company to join EP100 Campaign

  • Mahindra & Mahindra in April, 2016 became the first Indian ‘ company to join a global energy campaign headed by an international non-profit group that will .work with the world’s most influential businesses in setting commitments to double their energy.
  • On the ‘EP100’ campaign By signing-up for EP100, led by The Climate Group, the world’s largest manufacturer of tractors it made a significant commitment to doubling energy productivity by 2030 on a baseline of 2005, and hope to make a strong contribution towards achieving the climate goals agreed upon at the announcement was made in ceremony of the historic Paris climate change agreement at the United Nations.

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