Nl Correspondent
Jammu Tawi: Bank of Baroda (Bank), one of India's leading public sector banks and India's international bank, announced the
launch of a new product at its branch in GIFT City – Foreign Currency Loan against INR DepositsofIndian Companies for their
Overseas Subsidiaries/ Joint Ventures. Bank of Baroda 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, Bank of Baroda'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.
Established on 24th November, 2017, 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. Shri Anuj Bhargava, General Manager, Bank
of Baroda 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 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.”
