Bank of India inaugurates IFSC Banking Unit at GIFT City

Posted on by

Bank of IndiaOn Wednesday, the IFSC Banking Services Unit (IBU) was inaugurated in Egypt GIFT’s Center for International Financial Services Gandhinagar Special Economic Zones Zone.

“BOI IBU has the dual advantage of being located in India, providing a time zone window advantage to its globally located counterparts with competitive pricing and prompt processing from an experienced team. We are confident of making $1 billion in business by March 2024 and $4 billion in the subsequent three years.”

Also read: The Bank of India plans to sell the shares to meet SEBI’s minimum public ownership criteria

The IBU will provide services, such as External Commercial Borrowings (ECBs), Trade Finance Facility, Foreign Currency Loans, Syndicated Loans (Originating, Underwriting and Distribution), Foreign Currency Deposit Account – Current and Deposit Deposits, along with providing digital banking facilities through Transactions – Facility Online banking, for different customers allowed as per IFSC Guidelines.

Karnatak added that ITU has the advantage of a 10-year tax haven, lower operating cost, compared to offshore operations, along with easier regulations for foreign currency lending to companies where there is a consolidated regulator.

Also read: Bank of India introduces Mahila Samman Savings Certificate Scheme

The bank’s overseas branches contribute about 15% to the business mix in its global deposits and 16% in global advances.

Bank of India is present in 15 foreign countries through 21 foreign branches, 4 foreign subsidiaries, 1 joint venture and 1 representative office.

After the inauguration of the IBU, Karnatak has also opened an NRI Help Center (NRI HC) located at the Foreign Exchange Central Back Office (FEBO) premises, in GIFT City Locality.