BOI expects to achieve a USD 1-billion business through GIFT City branch
by March 2024
Mumbai, 13 July 2023: Bank of India – a major public sector bank with a significant
international presence – today launched its IFSC Banking Unit and NRI Help Centre. Located
in GIFT City Gandhinagar, the IFSC Banking Unit will provide a range of global banking financial
solutions, including External Commercial Borrowing (ECBs), Trade Finance Facilities, Foreign
Currency Loans, Syndication Loans (Origination, Underwriting & Distribution), Foreign
Currency Deposit Accounts as well as Current & Term Deposits, besides offering digital
banking facilities through transaction-based Internet Banking facility to its clients.
The NRI Help Centre will provide comprehensive support and services to NRI customers. The Centre
will be staffed by trained officers who will assist people with a wide range of needs and customer
support. The NRI Help Centre will have a dedicated team of officers working in shifts from 7:00 AM to
10:00 PM. It will ensure extended support to NRIs across different time zones. A recorded ISD
Telephone line +91 79 6924 1100 and a dedicated email ID [email protected] has been
established for any assistance. This Centre will also assist the bank’s branches in resolving issues faced
by NRI customers during branch visits.
The IFSC Banking Unit and NRI Help Centre were inaugurated by Shri Rajneesh Karnatak, MD
& CEO of Bank of India, in the presence of the Bank’s Executive Director Shri Swarup Dasgupta
and IFSCA Executive Director Shri Pravin Trivedi on 12 July 2023.
Shri Rajneesh Karnatak, MD & CEO, Bank of India, said: “The launch of the IFSC Banking Unit
and NRI Help Centre is a significant milestone in Bank of India’s journey to becoming a global
bank. The Bank aims to touch a business of USD 4 billion with equal distributions of advances
and deposits in the subsequent three years by March 2027 through its IFSC banking unit at
GIFT City.”
Through its NRI Help Centre, Bank of India strives to enhance the banking experience of NRIs and
reinforce its commitment to their financial needs. This Centre will work as a back office for foreign
exchange transactions of NRI customers, including inward remittances, outward remittances and
centralised account opening. The NRI Help Centre will have an NRI welcome centre for one-to-one
meeting opportunities during their visits, especially the Pravasi Bharatiya Diwas.
