Gandhinagar: Bank of India today inaugurated its IFSC Banking Unit (IBU) in the GIFT SEZ area in Gandhinagar.

The International Financial Services Banking Unit was inaugurated by the Bank’s MD & CEO Mr. Rajneesh Karnatak in the presence of the Bank’s Executive Director Mr. Swarup Dasgupta and Executive Director of IFSCA – Mr. Pravin Trivedi.

“With a rich heritage of 117 years, Bank of India looks forward to making a mark at IFSC GIFT City also. The BOI IBU has the twin advantage of being situated in India providing the benefit of the time zone window for its counterparts located globally with competitive pricing & quick processing from an experienced team. We are confident of achieving $1 billion in business by March 2024 and $4 billion in the subsequent three years,” Mr Karnatak said at the inauguration.

The BOI – IBU will provide a range of global banking solutions, External Commercial Borrowing (ECBs), Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting & Distribution), Foreign Currency deposit account -Current & Term Deposits, besides offering digital banking facilities through transaction-based Internet Banking facility, to various clients allowed as per IFSCA guidelines.

Highlighting the advantage of having the IBU in GIFT City, Mr Karnatak said the IBU has the advantage of tax heaven for 10 years, lower cost of operation, compared to overseas operations, besides easier regulations for lending to corporates in foreign currencies as there is a unified regulator.

Mr. Karnatak also inaugurated the NRI Help Centre (NRI HC) housed in the premises of the Centralised Foreign Exchange Back Office (FEBO), on 18th Floor in Tower-1 in GIFT City, Gandhinagar.

He reiterated BOI’s commitment to providing superior, proactive banking services to niche markets globally while providing cost-effective, responsive service to customers in its role as a truly international bank. DeshGujarat