Mumbai: Bank of Baroda (BoB), one of India's leading public sector banks and India's international banks, has announced the launch of a new product at its branch in GIFT City namely, 'Foreign Currency Loan against INR Deposits of Indian companies for their overseas subsidiaries / joint ventures'. BoB 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, BoB'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.
Anuj Bhargava, General Manager, Bank of Baroda, said, "Bank of Baroda recognises 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."
BoB'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.
The Bank's IFSC Banking Unit provides customers with a range of global solutions, locally: foreign currency accounts for individuals and companies, fixed deposit in foreign currency, external commercial borrowing loans, trade finance facilities, loans in foreign currency / syndication loans, foreign currency loans against INR deposit of Indian companies for their overseas subsidiaries / JVs, transaction-based internet banking facility.