New Delhi: Public sector Bank of India on Monday said it has acquired 6.125 per cent stake in recently incorporated CCIL IFSC listed in GIFT SEZ, signaling its commitment towards the growth of the IFSC.
The announcement was made by Subrata Kumar, Executive Director (International Operations), Bank of India, while speaking at an event organized to mark the first anniversary of the bank's IFSC banking unit at GIFT City.
"The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore reflects our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said.
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to create and operate a real-time foreign exchange settlement system at GIFT City, the country's only operational international financial services centre.
The entity will act as the clearing house and system operator at GIFT City.The foreign exchange settlement system is expected to help further develop the GIFT City ecosystem by enabling and promoting a greater number of use cases within IFSC.
While inaugurating the IFSC Banking Unit at GIFT City last year, the Bank had set an ambitious target of touching a turnover of USD 1 billion with equitable distribution of advances in the first year of operations.
IBU has crossed the target of USD 1 billion by March 2024 and is set to further contribute to the growth of IBU in the coming years.
For this financial year, IBU aims to achieve 50 percent business growth compared to the previous year.
Through IBUs in GIFT SEZ, the Bank offers a range of global banking solutions such as External Commercial Borrowings (ECB), Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting and Disbursement), Foreign Currency Deposit Accounts - Current and fixed deposits for corporate and retail customers – NRIs and foreign nationals.The bank offers the advantage of being located across Indian geography with competitive pricing and quick processing from a highly experienced team.
The Bank aims to soon provide digital banking facilities through transaction-based internet banking facilities to various customers as permitted as per IFSCA guidelines.
The announcement was made by Subrata Kumar, Executive Director (International Operations), Bank of India, while speaking at an event organized to mark the first anniversary of the bank's IFSC banking unit at GIFT City.
"The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore reflects our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said.
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to create and operate a real-time foreign exchange settlement system at GIFT City, the country's only operational international financial services centre.
The entity will act as the clearing house and system operator at GIFT City.The foreign exchange settlement system is expected to help further develop the GIFT City ecosystem by enabling and promoting a greater number of use cases within IFSC.
While inaugurating the IFSC Banking Unit at GIFT City last year, the Bank had set an ambitious target of touching a turnover of USD 1 billion with equitable distribution of advances in the first year of operations.
IBU has crossed the target of USD 1 billion by March 2024 and is set to further contribute to the growth of IBU in the coming years.
For this financial year, IBU aims to achieve 50 percent business growth compared to the previous year.
Through IBUs in GIFT SEZ, the Bank offers a range of global banking solutions such as External Commercial Borrowings (ECB), Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting and Disbursement), Foreign Currency Deposit Accounts - Current and fixed deposits for corporate and retail customers – NRIs and foreign nationals.The bank offers the advantage of being located across Indian geography with competitive pricing and quick processing from a highly experienced team.
The Bank aims to soon provide digital banking facilities through transaction-based internet banking facilities to various customers as permitted as per IFSCA guidelines.
