In the Spotlight
Oliver Hart and Bengt Holmstrm were awarded the Nobel Prize in Economic Sciences for their work on modern contract theory. "Hart and Holmstrm created insights that are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design," said a statement by Royal Swedish Academy of Sciences. British-born Hart is the Andrew E. Furer Professor of Economics at Harvard University; while Finland-born Holmstrm is the Paul A. Samuelson Professor of Economics, and Professor of Economics and Management at Massachusetts Institute of Technology.
New MilestoneChanda Kochhar-led ICICI Bank became the first bank in India to use blockchain technology for transactions. The bank, in partnership with Emirates NBD, which is a leading banking group in the Middle-East, completed transactions in international trade finance and remittance using this technology. "I envision that the emerging technology of blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure," she said.
Ace investor Rakesh Jhunjhunwala declared during an interview to a TV channel that he would donate 25 per cent of his portfolio or Rs 5,000 crore, whichever is lesser, on July 5, 2021. "First of all, I am still not a philanthropist. I hope to be one. I am not giving so much of my wealth that I should feel I am a philanthropist," he said during the interview. According to a recent Forbes listing, Jhunjhunwala's net worth stands at $2.2 billion.
Tough Talker
Vinod Rai, Banks Board Bureau Chief, recently rebuked banks for their lack of action in tackling the bad loan menace. He said that the government and RBI have created a conducive environment for lenders to clean up their books, but banks are holding back on concerns that they may be accused of favouring corporates and face corruption charges while resolving bad loans.
