Bank Of India Buys 6.13% Stake In CCIL IFSC
Promoted by the Clearing Corp. of India, CCIL IFSC is the designated entity tasked with establishing and managing a real-time foreign currency settlement system at GIFT City.
The state-owned Bank of India on Monday announced that it has acquired a 6.13% stake in the newly incorporated CCIL IFSC, which is listed in the GIFT SEZ, demonstrating its dedication to the development of the IFSC.
The announcement came from Subrat Kumar, the executive director of International Operations at Bank of India, during an event in GIFT City. The occasion was to celebrate the first anniversary of the bank's IFSC Banking Unit located in GIFT City.
"The acquisition of 6.13% stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said.
Promoted by the Clearing Corp. of India Ltd., CCIL IFSC is the designated entity tasked with establishing and managing a real-time foreign currency settlement system at GIFT City, which is India's sole operational international financial services centre.
The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected to help develop the GIFT City ecosystem further by enabling and promoting a greater number of use cases within the IFSC.
While inaugurating the IFSC Banking Unit at GIFT City last year, the bank had set an ambitious target of touching a business of $1 billion in the first year of operation with equal distributions of advances.
The IBU surpassed the target of $1 billion as of March and is well-poised to further contribute to IBU's growth in the coming years.
For this fiscal, the IBU has set a target of achieving 50% business growth over the previous year.
Through the IBU at GIFT SEZ, the bank offers a range of global banking solutions such as External Commercial Borrowing, Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting and Distribution), Foreign Currency deposit account-Current and Term Deposits to Corporates and Retail customers–NRIs and foreign nationals.
The bank offers the advantage of being situated in Indian geography, with competitive pricing and quick processing from a highly experienced team.
The bank aims to shortly offer digital banking facilities through transaction-based internet banking facilities to various clients allowed, as per IFSCA guidelines.
(With text inputs from PTI)
