BOI's 22nd international branch

Vinod Chandrasekhar Dixit

Bank of India – a major public sector bank with a significant international presence recently opened IFSC SEZ Banking Unit and NRI help centre in our foreign Exchange back office cell in Gift city  – Gandhinagar capital of Gujarat today. It was  inaugurated by the Bank of India’s MD & CEO  Rajneesh Karnatak in the presence of the Bank’s Executive Director Swarup Dasgupta and Executive Director of IFSCA –  Pravin Trivedi.  Rajneesh Karnatak, MD & CEO, BOI said: “The launch of the IFSC Banking Unit and NRI Help Centre is a significant milestone in Bank of India’s journey to becoming a global bank. The 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.”

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. In GIFT City BOI will cater to the business of foreign corporations coming to India for business. Through the IBU the bank will provide a range of global banking solutions. On the loan side, it will give External Commercial Borrowings, Trade Finance Facilities, Foreign Currency Loans and Syndication Loans. 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.

 

Bank of India has a presence in 15 foreign countries through 21 foreign branches, 4 foreign subsidiaries, one joint venture, and one Representative office. The bank’s overseas branches contribute around 15% mix business to its Global Deposits and 16% to its Global Advances. BOI has branches in New York, San Francisco, Paris, Singapore, etc. and subsidiaries in countries like New Zealand, Uganda, Tanzania, and Indonesia. Besides, the lender also has a joint venture with the government of Zambia.

While addressing the gathering at the time of inauguration of IFSC Banking unit and NRI Help center, Mr. Karnatak reiterated BOI’s commitment to providing superior, proactive banking services to niche markets globally while providing cost-effective, responsive service to customers in its role as a truly international bank. 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. 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. Speaking about the performance of the banking sector in India, the BOI MD has rightly said that  “The banking system in India is in a sweet spot at present. Banks are doing well. Gross and net NPAs are at the lowest, if you compare with the previous five years. He reiterated BOI’s commitment to providing superior, proactive banking services to niche markets globally while providing cost-effective, responsive service to customers in its role as a truly international bank.

The NRI Help Centre will provide comprehensive support and services to NRI customers. The Centre will be staffed by trained officers who will assist people with a wide range of needs and customer support. The NRI Help Centre will have a dedicated team of officers working in shifts from 7:00 am to 10:00 pm. It will ensure extended support to NRIs across different time zones. A recorded ISD Telephone line +91 79 6924 1100 and a dedicated email ID [email protected] has been established for any assistance. This Centre will also assist the bank’s branches in resolving issues faced by NRI customers during branch visits.