IFSC Banking Unit inaugurated by Bank of India at GIFT City.: On 12 July, the Bank of India inaugurated its IFSC Banking Unit (IBU) in the International Financial Services Centre at GIFT SEZ area in Gandhinagar.
BOI has targeted to achieve $1 billion in business by March 2024 and $4 billion in the subsequent three years.
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The IBU will provide services such as External Commercial Borrowings (ECB), trade finance facilities, foreign currency loans, syndication loans, and foreign currency deposit accounts-current to various customers permitted as per IFSCA guidelines.
BOI’s overseas branches contribute to nearly 15 per cent of global deposits and 16 per cent of global advances book.
Bank of India has a presence in 15 foreign countries through 21 overseas branches, 4 overseas subsidiaries, one joint venture, and one representative office.
In addition, BoI also inaugurated the NRI Help Center (NRI HC) located in the premises of the Centralized Foreign Exchange Back Office (FEBO) in the domestic sector of GIFT City.
