Bhargava says his bank has some major expansion plans in the pipeline
Bank of Baroda has launched a Foreign Currency Loan against Indian Rupee Deposits of Indian companies for their Overseas Subsidiaries from its International Financial Services Centre (IFSC) Banking Unit in GIFT City at Gandhinagar, making it a first such facility.
Under the new loan scheme, the Bank is 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.
Bank of Baroda was amongst the early entrants to set up operations in GIFT City, the newly developed offshore banking district in India and an emerging global services hub.
General Manager Anuj Bhargava said, “Bank of Baroda recognizes 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 Indian Rupee 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.”
Bank of Baroda’s IFSC Banking Unit is also the first and only bank to provide transaction-based Internet Banking facility in three major foreign currencies – the 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 India Rupee Deposit of Indian Companies for their Overseas Subsidiaries / JVs; Transaction-based Internet Banking facility.
Founded on 20th July 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India with the Government hold majority 63.97% stake. fiinews.com
