Bank of India Acquires 6.1% Stake in CCIL IFSC

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.

Piyush Shukla

Recent Posts

Pradhan Mantri Surakshit Matritva Abhiyaan Completes 10 Years: A Decade of Safer Motherhood in India

The Pradhan Mantri Surakshit Matritva Abhiyaan (PMSMA) has completed 10 years of providing the quality…

37 minutes ago

Arjun Mk1A vs Karrar Tank: Comparing India and Iran’s Main Battle Tanks

Modern main battle tanks (MBTs) remain one of the most important components of land warfare.…

46 minutes ago

RS-28 Sarmat (Satan II) vs DF-41 (Dongfeng-41): Comparing Russia and China’s Strategic Intercontinental Missiles

Modern strategic missile systems remain among the most important elements of national defense and nuclear…

52 minutes ago

Lucknow Gets New Regional Meteorological Centre, Boosting Weather Forecasting in Uttar Pradesh

India's weather forecasting capabilities strengthened more as the new Regional Meteorological Centre (RMC) in Lucknow..…

1 hour ago

Which State is the Land of Golden Spice of India?

In World, India has been also recognized as the "Land of Spices"  because of the…

2 hours ago

India Retains EU Market Access for Aquaculture, Honey and Eggs Exports Beyond September 2026

India has achieved the milestone as it secured the continued market access to the European…

2 hours ago