Bank of India, on Wednesday, inaugurated its IFSC Banking Unit (IBU) in the International Financial Services Centre at GIFT SEZ area in Gandhinagar.

“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,” said Rajneesh Karnatak, MD& CEO of the bank at the inauguration ceremony.

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

Karnatak further added that 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.

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The bank’s overseas branches contribute around 15% mix business to its Global Deposits and 16% to its Global Advances.

Bank of India has a presence in 15 foreign countries through 21 foreign branches, 4 foreign subsidiaries, one joint venture, and one Representative office.

After inaugurating the IBU, Karnatak also inaugurated the NRI Help Centre (NRI HC) housed in the premises of the Centralised Foreign Exchange Back Office (FEBO), in the domestic area of GIFT City.

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