The Bank of India has acquired a 6.125% stake in the Clearing Corporation of India Ltd. (IFSC) for ₹6.125 crore, aiming to enhance its strategic presence in GIFT City IFSC. This acquisition reflects the bank’s commitment to the growth and development of GIFT City as a global financial hub.
Strategic Acquisition
Announced by Subrat Kumar, Executive Director (International Operations) of Bank of India, during a celebration marking the opening of the bank’s IFSC Banking Unit in GIFT City, this move underscores the bank’s intention to contribute to the financial ecosystem at GIFT City. CCIL IFSC, promoted by the Clearing Corporation of India Limited (CCIL), is set to operate a real-time foreign currency settlement system and act as a clearing house in GIFT City.
Financial Targets and Growth
Since inaugurating the IFSC Banking Unit last year, Bank of India set an ambitious target of reaching $1 billion in business within its first year, a milestone it achieved by March 2024. For the current fiscal year, the bank aims for a 50% increase in business over the previous year, highlighting its aggressive growth strategy.
Digital Banking Initiatives
Aligned with IFSCA guidelines, the Bank of India plans to offer comprehensive digital banking services through transaction-based internet banking facilities to various clients. This initiative aims to enhance client convenience and support the digital transformation of banking services within GIFT City.
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