One of the major players in the public sector banking industry, Bank of India, recently launched its International Financial Services Center (IFSC) banking unit and Non-Resident Indian (NRI) help center. The units were inaugurated by Rajneesh Karnatak, MD and CEO of Bank of India on July 12, 2023 in GIFT City Gandhinagar, Gujarat.

Through the NRI center, the national bank aims to provide support to NRIs living in different time zones. The center will also assist the bank’s branches in resolving issues faced by NRI customers during branch visits.

“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,” a news release stated.

The bank which has a significant international presence will offer a range of global financial solutions like external syndication borrowing (ECBs), trade finance facilities, foreign currency loans, syndication loans (origination, underwriting, and distribution), foreign currency deposit accounts as well as current and term deposits.

Rajneesh Karnatak, MD and 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.”