London: Yes Bank, India's fifth largest private sector bank, has pledged 1 million pounds to the prestigious London School of Economics and Political Science (LSE) to support the IG Patel Chair-named in honour of the former RBI Governor and former Director of LSE.
Rana Kapoor, Managing Director & CEO, Yes Bank, signed an agreement with the LSE Deputy Director and Provost Professor Robin Mansell here yesterday, pledging 10 years of funding for the Chair which will be held initially by Professor Lord Nicholas Stern.
A former chief economist of the World Bank, with four decades of experience working with India, Stern has been the IG Patel Chair of Economics and Government since its creation in 2007.
The funding from Yes Bank will also support the work of the LSE India Observatory, which had been set up in 2007 to continue to develop and enhance research and programmes related to India's economy, politics and society.
This agreement will see Yes Bank join LSE's Benefactors' Board, the highest accolade bestowed upon those who make transformative philanthropic commitments to the school.
Commenting on the announcement, LSE Director Professor Craig Calhoun said, "LSE has always been proud of its internationalism and in particular its long and special relationship with India."
"The partnership with Yes Bank will further enhance this relationship while providing fantastic support to the school as we apply our world-leading research to help solve the world's biggest problem," Calhoun said.
Kapoor said: "Yes Bank is pleased to partner with LSE to support the IG Patel Chair and the India Observatory with defined objectives to promoting research and addressing some of the most relevant issues affecting India, the UK and the world.
"Yes Bank has, since inception, been a strong proponent of obtaining knowledge to create transformational impact. I am certain that this Yes Bank and LSE partnership will further generate synergies to enable social and economic impact on a bigger scale and global platform."
Stern said support from Yes Bank will ensure that the India Observatory continue both its research and its work to build public understanding on the Indian economy and society.
LSE has hosted many famous Indians as students, two of the most prominent being Dr Bhim Rao Ambedkar, a founding father of the Indian constitution and former President KR Narayanan.
Dr IG Patel was the ninth Director of LSE (1984-90) and the first from India.