Bank of Baroda has launched “Foreign Currency Loan against INR Deposits of Indian Companies for their Overseas Subsidiaries/Joint Ventures” at its branch in Gujarat International Finance Tec-City (GIFT City).
Under the new loan scheme, BoB’s International Financial Services Centre (IFSC) Banking Unit (IBU) in GIFT City in Gandhinagar will provide financial support to Overseas Subsidiaries/Joint Ventures of Indian corporates by leveraging their INR deposits, helping Indian companies meet the cash flow requirements for their international operations.
The Bank, in a statement, said it already offers Loan against NRE/FCNR Deposits and Loan against Deposits at the IBU.
Anuj Bhargava, General Manager, BoB, said, ‘Foreign Currency Loan against INR Deposits’ provides Indian companies with an alternative facility to raise funds for their international businesses.
The Bank has witnessed rapid growth at GIFT City over the last five years and also has some major expansion plans in the pipeline, he added.