The Bank of India has acquired a 6.125% stake in the newly incorporated Clearing Corporation of India Ltd. (IFSC), listed in the GIFT SEZ in Gujarat.
During a celebration to mark the opening of the bank’s IFSC Banking Unit in GIFT City on Monday, Bank of India Executive Director (International Operations) Subrat Kumar announced the acquisition.
“The acquisition of a 6.125% stake in CCIL IFSC for ₹6.125 crore showcases our strategic commitment to the growth of GIFT City IFSC and its emergence as a global financial services provider,” Kumar stated in an official release.
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC aims to build and operate a real-time foreign currency settlement system at GIFT City, acting as a clearing house and system operator.
Last year, while inaugurating the IFSC Banking Unit at GIFT City, the bank set an ambitious target of reaching $1 billion in business in its first year of operation, with equal distributions of advances. The IBU surpassed this target by March 2024. For this fiscal year, the IBU aims for 50% business growth over the previous year.
The bank also plans to offer digital banking facilities through transaction-based internet banking, adhering to IFSCA guidelines.
