Bank of India’s MD opens IFSC – SEZ & NRI help centre in Gift city

Ahmedabad, Bank of India (BOI) one of most trusted Brand in India, on its 118th year celebration has opened IFSC SEZ Branch and NRI help centre in its foreign Exchange back office cell in Gift city  – Gandhinagar capital of Gujarat.

GIFT IFSC is the maiden international financial services centre in India.  IFSC SEZ Unit was inaugurated by BOI’s MD & CEO Rajneesh Karnatak along with the Guest of Honour Swarup Das Gupta Executive Director (BOI)  and  Praveen Trivedi – IFSCA Executive Director.

Inaugurating the IFSC SEZ and NRI help centre Rajneesh Karnatak, Managing Director & CEO, Bank of India said bank aims to touch a business of USD 4 billion with equal distributions of advances and deposits in the subsequent three years by March 2027 through its IFSC banking unit at GIFT City. We are expecting a USD 1 billion (Rs 8,227.35 crore) business by March 2024,

out of which USD 500 million will be on deposit side and USD 500 million on advances side. In the subsequent three years, we plan to touch a figure of USD 4 billion with equal distributions of advances and deposits by March 2027.In order to reduce our cost of funds, the bank shall canvass foreign currency deposits through a wide network of our foreign branches.

IFSC in GIFT City is conceptualized and designed at par with other global financial centers operating in various parts of the world viz. DIFC Dubai, ADGM, Singapore, Hong Kong, City of London etc. Bank of India at GIFT CITY has commenced its operations to cater to the global banking requirements of the Corporates and business units situated in India and abroad.

BOI is looking to significantly scale up its global business through opening the International Banking unit in IFSC, GIFT City. With the opening of International Banking unit at GIFT city, the Bank has increased its presence at 22 locations spread across 5 continents and 16 countries. Presently Bank’s Overseas Business Mix is at Rs 1,88,220 Crs.

Bank of India had started centralised processing of Trade Finance & remittance related transaction in Domestic Tariff Area (DTA) in GIFT city since last 2 years. Now BOI’s MD & CEO has opened an NRI Help centre in the premises of Foreign Exchange Back Office with a sole intention of improving banking services of NRI customers through a dedicated voice call set up.

BOI’s international expansion began in 1946 when the bank BOI opened a branch in London, the first Indian bank to do so. The Bank has 21 Overseas Branches, 1 Representative Office at Jakarta (Indonesia), 4 Subsidiaries, 1 Associate/Joint Venture, all spread across 15 countries in 5 continents of all time zones. The contribution of foreign operations in Bank’s global business mix has been 15.75% as on 31.03.2023.

Shri  Praveen Trivedi , Executive Director , IFSCA, extended  appreciation to Bank of India  for their significant contribution to GIFT City and the International Financial Services Centre (IFSC) and congratulated the Bank on the inauguration of the new Branch.