HDFC Bank, the leading private sector bank in India, has signed a Master Inter Bank Credit Agreement with the Export-Import Bank of Korea, with a total value of US $300 million. The signing ceremony took place in GIFT City, Gujarat, and aims to help HDFC Bank raise foreign currency funds, which will be used to support Korea-related businesses
The credit line will be utilized by HDFC Bank for the funding requirements of companies with participation by Korean firms, companies having business relationships with Korean companies, and consumers who wish to purchase cars manufactured by Korea-related companies