Mumbai, Oct 5 (PTI) The IFC, a member of the World Bank Group, has invested USD76 million in the 5-year unrated masala bond of Fullerton India Credit Company which will on lend the amount to the underserved retail and micro, small, and medium enterprise segment.

Financing for micro, small and medium enterprise segment is a strategic focus of IFCs financial inclusion work in the country. IFC is using masala bonds to support companies in diversifying their funding sources, thus expanding a newly opened market to attract private investment for a sector that faces a funding gap.

IFC helped create the masala bond market through its own first issuance in November 2014. Exim Bank opens Dhaka office; extends $4.5 b LoC

Mumbai: The Exim Bank has opened its representative office in Dhaka and also extended third line of credit [LOC] of USD 4.50 billion to Bangladesh for financing development projects.

The office was inaugurated by Finance Minister Arun Jaitely on October 4. PTI HV SVC Bank appoints Venugopalan as MD

Mumbai: Leading cooperative bank SVC Bank, formerly known as the Shamrao Vithal Co-op Bank has appointed Ajit E Venugopalan as its new managing director.

Prior to this, Venugopalan was head (corporate banking) of the city-headquartered co-operative bank. He will be succeeding Suhas N Sahakari.

"I am committed to working with the team at SVC Bank and with all our stakeholders to leverage the bank?s strengths and capitalise on the opportunities before us," Venugopalan said in a statement. Tata Trusts to support Chandrapur dist admin

Mumbai: Tata Trusts, the largest public charity in the country, has decided to support the Chandrapur local administration to implement village development plans by improving existing projects and initiatives operational across the district, in association with the state administration.

Maharashtra and Tata Trusts have come together to launch multiple interventions in Chandrapur district in the areas of livelihoods, digital literacy, data driven governance and child protection, the 125-year-old Tata Trusts said in a statement.

Under the initiative, the Trusts will facilitate the district administration to advance community development indicators by improving existing projects and aiding administrators in facilitating multi-sectoral development. Magicbricks launches property bidding platform

Mumbai: Leading online property site Magicbricks, has launched an online bidding platform for residential and commercial properties in association with developer M3M.

Portal head Sudhir Pai said "with this industry first initiative Magicbricks can help consumers get a wide choice of properties to be owned through online bidding. Our online bidding platform is an innovative proposition that will certainly disrupt the category by putting the price decision in the hands of the buyer.

The properties available for bidding would have their base price lower than the market price. The developer is also offers many benefits to customers ranging from PLC wavier, free car park, club membership to one-year free maintenance for some projects, completed kitchen and wardrobe. Tata Capital joins Capital Float to fund small businesses

Mumbai: Tata Capital has entered into an agreement with Capital Float to provide working capital loans to financially under-served MSMEs under which the Tata firm will be co-lending on the formers digital lending platform up to Rs 50 lakh for a one-year lona.

Our alliance with Capital Float is another step towards strengthening our market position among the MSMEs, Tata Capital said in a statement. SAP launches digital innovation system in India

Mumbai: Global enterprise software company SAP today launched its digital innovation system, Leonardo, in India to help companies innovate and embed solutions into their processes.

"SAP recognizes the urgency to fast track digitization and with SAP Leonardo, we aim to help our customers drive business transformation," its president and managing director for Indian subcontinent, Deb Deep Sengupta, said.

The company said the digital economy in India will be worth a USD 1 trillion by 2025, and it is collaborating with technology powerhouses to extend an innovation system and initiatives across industries for the same. PTI HV AA BEN NSK