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Mr R. V. Shastri, CMD, Canara Bank, addressing the gathering after inaugurating an Offshore Banking Unit in the Noida Special Economic Zone on Thursday. -- Ramesh Sharma

New Delhi , April 8

CANARA Bank today opened its first Offshore Banking Unit (OBU) in the special economic zone (SEZ), Noida.

Speaking at the inauguration of the OBU, Chairman and Managing Director, Canara Bank, Mr R. V. Shastri, said that the unit would bring significant benefits for its clients including competitive international rate and lower transaction costs.

The OBU would accept foreign currency deposits from non-resident Indians (NRIs) by offering Libor-linked rates.

Mr Shastri said that the OBU would not only cater to units situated within the SEZ but also those in the domestic tariff area. It will commence operations with start-up funds of $10 million.

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