ICICI Bank signs MoU with CBA to Strengthen Australia-India Trade Relations

Current Context: On December 11, 2024, ICICI Bank and the Commonwealth Bank of Australia (CBA) signed a Memorandum of Understanding (MoU) to enhance their cooperation in supporting customers across the Australia-India corridor.

• The agreement focuses on facilitating trade, investment, and cross-border payments between the two nations.
• The partnership aims to provide comprehensive banking services and guidance to businesses engaged in cross-border trade, making it easier for companies to navigate financial transactions between Australia and India.
• Additionally, it offers support to individuals migrating between the two countries, ensuring they have access to necessary banking solutions.

Question:

1 Which Indian bank signed an MoU with the Commonwealth Bank of Australia to enhance cooperation in the Australia-India corridor?

• A) HDFC Bank
• B) ICICI Bank
• C) State Bank of India
• D) Axis Bank

Answer: B) ICICI Bank signed the MoU with the Commonwealth Bank of Australia on December 11, 2024, to foster enhanced cooperation in trade and financial transactions.