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India's YES BANK pledges £1 million to LSE to support IG Patel Chair


Mumbai-based YES BANK, India’s fifth largest private sector Bank, has pledged one million pounds to the London School of Economics and Political Science (LSE) to support the IG Patel Chair– named in honour of the former Governor of the Reserve Bank of India and former Director of LSE.

Mr Rana Kapoor, Founder, Managing Director & CEO of YES BANK, signed an agreement with the LSE Deputy Director and Provost Professor Robin Mansell in London today, pledging ten 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, Lord 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 problems.

“I am delighted that Lord Nicholas Stern will remain as the IG Patel Chair. Like Professor Patel himself, Nick has been a distinguished leader in both intellectual and practical pursuits. He brings an unparalleled experience of working in the highest levels of government, business and research in India and across the world.”

Mr Rana Kapoor, Founder, Managing Director & CEO of YES BANK, added:

“YES BANK is pleased to partner with LSE to support the IG Patel Chair and the India Observatory with defined objectives for 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.”

Lord Nicholas Stern, IG Patel Professor, said:

“Support from YES BANK will ensure that the India Observatory continues both its research and its work to build public understanding on the Indian economy and society. Our two institutions share a common commitment to analysing and tackling societal challenges, with a strong focus on climate change and sustainability. I would like to thank Mr Rana Kapoor and YES BANK for their generosity.”

The partnership between LSE and YES BANK further strengthens LSE’s ties with India. The School 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 a leader of the Dalit community in India, and former President KR Narayanan.

Dr IG Patel was the ninth Director of LSE (1984-90) and the first from India. His outstanding leadership saw a significant increase in engagement between LSE and his home country.

For further information

Danny O’Connor, LSE media relations office, +44 (0)20 7955 7417, oconnord@lse.ac.uk

About the IG Patel Chair:

The IG Patel Chair in Economics and Government at LSE was established in October 2007 thanks to the generous donations of the Reserve Bank of India and the State Bank of India. The Chair is named after Dr Indraprasad Gordhanbhai (IG) Patel, the distinguished former governor of the Reserve Bank of India and the ninth director of the LSE, who died in 2005.

(Pictured left to right: Dr Ruth Kattumuri, Professor Lord Nicholas Stern, Mr Rana Kapoor, Professor Robin Mansell, Mr Amit Shah)

Posted: Friday 01 July 2016