First bank to offer this facility in GIFT City
The Bank’s IFSC Banking Unit in GIFT City Completes 5 Years
MUMBAI, India, Dec. 29, 2022 /PRNewswire/ — Bank of Baroda (Bank), one of India’s leading public sector banks and India’s international bank, announced the launch of a new product at its branch in GIFT City – Foreign Currency Loan against INR Deposits of Indian Companies for their Overseas Subsidiaries / Joint Ventures. Bank of Baroda is the first bank to offer this facility at GIFT City. The Bank’s International Financial Services Centre (IFSC) Banking Unit in GIFT City in Gandhinagar has recently completed five years.
Under the new loan scheme, Bank of Baroda’s GIFT City branch provides financial support to Overseas Subsidiaries / Joint Ventures of Indian corporates by leveraging their INR deposits, helping Indian companies meet their cash flow requirements for their international operations and enabling the Bank to increase the bouquet of loan products offered. The Bank already offers Loan against NRE/FCNR Deposits and Loan against Deposits at the IBU.
Established on 24th November, 2017, Bank of Baroda was amongst the early entrants to set up operations in GIFT City, the newly developed offshore banking district in India and an emerging global services hub.
Anuj Bhargava, General Manager, Bank of Baroda, said, “Bank of Baroda recognizes its GIFT City branch as a strategically important business unit for international business. With operations in 17 countries, we are proud to be India’s International Bank, fulfilling the overseas banking requirements of our customers. ‘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.”
Bank of Baroda’s IFSC Banking Unit is also the first and only bank to provide transaction-based Internet Banking facility in three major foreign currencies i.e. US Dollar, Euro and British Pound Sterling to cater to the needs of its retail and corporate customers.
