HDFC Bank carries out first gold forward deal from GIFT City

New Delhi: Private sector HDFC Bank on Monday claimed that it has become the first domestic lender to execute a gold forward deal from GIFT City.

The deal was executed by HDFC BANK GIFT City IBU in collaboration with Hindustan Platinum Pvt Ltd, a global refiner and manufacturer of high purity precious metal products and industrial services, HDFC Bank said in a statement.

Regulators have enabled onshore entities with gold price exposure to hedge their risk through GIFT City, it said, adding, HDFC Bank is committed to be a part of the development of the GIFT City bullion ecosystem.

The Bank’s IBU in GIFT City serves as a trading and clearing member on the Indian International Bullion Exchange (IIBX).

ABCL becomes first BFSI company to integrate products on ONDC Network *Aditya Birla Capital Limited (ABCL) on Monday said it has become the first BFSI company to go live on all three core financial services -- lending, insurance, and mutual fund investments, available on the Open Network for Digital Commerce (ONDC) platform.

This development reinforces Aditya Birla Capital's commitment to leveraging India's Digital Public Infrastructure (DPI) to democratize open network access to financial products, especially in underserved markets, and enhance financial inclusion across the country, the company said in a statement.

Through ONDC Network, various live Buyer Apps will be able to offer Aditya Birla Capital’s personal loan, health insurance, and mutual funds to their customers, it said.

This offering simplifies customers' financial journeys and ensures a seamless user experience by enabling them to access financial products and services directly through the apps they use, it said, adding, this eliminates the need to download or access multiple apps on their devices.

Muthoot Pappachan Group’s fourth-generation leaders join board *Muthoot Pappachan Group (MPG) on Monday announced the induction of its fourth-generation leaders into the board of directors.

The proposal for this leadership expansion has been approved by the Reserve Bank of India (RBI) and subsequently by the Boards of the respective companies, MPG said in a statement.

The next-generation leaders -- Tina George Muthoot, Thomas Muthoot John, and Suzannah Muthoot -- have joined as Executive Directors in Muthoot Capital Services, Muthoot MicroFin, and Muthoot Housing Finance, respectively, it said.

Ritu George Muthoot and Susan John Muthoot have joined Muthoot Capital Services as Non-Executive Directors, it said.

Sarovar Hotels, Ishaan Group open Ishaan Sarovar Portico in Deoghar in Jharkhand * Sarovar Hotels on Monday announced the opening of 52-key Ishaan Sarovar Portico, Deoghar, in Jharkhand in partnership with the Ishaan Group to cater to pilgrims and leisure travellers.

"We are delighted to open Ishaan Sarovar Portico in Deoghar, a city that holds immense spiritual and cultural significance. As part of our strategic expansion in eastern India, this property not only caters to the growing demand for high-quality accommodations in the region but also reinforces our commitment to delivering exceptional service and memorable stays to our guests," Sarovar Hotels Chairman and Louvre Hotels India Director Ajay K Bakaya said in a statement.

Sarovar Hotels is a hotel management company managing over 135 operational hotels in 85 destinations in India, Nepal and Africa, under Sarovar Premiere, Sarovar Portico, Hometel, and Golden Tulip brands, which covers the 3, 4, and 5-star spectrum.