New Delhi: In a strategic move to strengthen India’s global financial footprint, Bank of India (BoI) inaugurated its International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City, Gujarat. The inauguration was conducted by Mr. Rajneesh Karnatak, Managing Director & CEO, Bank of India, marking a significant milestone in the bank’s international expansion and cross-border banking initiatives.
Seamless Integration with FCSS Enhances Global Capabilities
The new IBU has been integrated with the Foreign Currency Settlement System (FCSS), a critical infrastructure platform that enables secure and efficient multi-currency settlements within the IFSC. This integration allows Bank of India to offer an array of global banking solutions, including trade finance, foreign exchange operations, cross-border lending, and other services tailored for international clients.
As a promoter of CCIL IFSC Ltd., the entity responsible for operating the FCSS, Bank of India’s initiative demonstrates its commitment to building world-class financial infrastructure that supports India’s ambition to establish GIFT City as a premier global financial hub.
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Strategic Objectives of the IFSC Banking Unit
Speaking at the inauguration, Mr. Rajneesh Karnatak said, “The inauguration of our IFSC Banking Unit at GIFT City is a pivotal step in our global strategy. By integrating with the FCSS, we are not just opening a new branch; we are plugging into a world-class ecosystem that will allow us to deliver sophisticated banking solutions to our international clientele, reinforcing India’s growing stature in global finance.”
The establishment of the IBU is expected to:
- Facilitate foreign currency funding for Indian corporates and international clients.
- Strengthen trade and investment flows, enabling smoother cross-border financial operations.
- Offer IFSC-enabled products, including external commercial borrowing (ECB) facilitation and wealth management services for non-resident clients.
This development reflects Bank of India’s proactive approach in creating a robust, competitive, and internationally integrated banking ecosystem from India.
About Bank of India
Bank of India, a leading public sector bank with a rich history of over a century, offers a wide range of banking and financial services to individuals, corporates, and international clients. With a growing global presence and a focus on innovation, BoI continues to expand its capabilities in digital banking, trade finance, and cross-border services, supporting India’s evolving financial landscape.
