The Bank of India has acquired a 6.125 per cent stake in the recently incorporated Clearing Corporation of India Ltd. (IFSC) listed in the GIFT SEZ in Gujarat.
At a celebration to commemorate the opening of the bank’s IFSC Banking Unit in GIFT City on Monday, Bank of India Executive Director (International Operations) Subrat Kumar made the announcement.
“The acquisition of a 6.125 per cent stake in CCIL IFSC for ₹6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider,” Kumar stated in an official release here.
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City. The entity will act as a clearing house and system operator at GIFT City.
While inaugurating the IFSC Banking Unit at GIFT City last year, the bank set an ambitious target of touching a business of $1 billion in its first year of operation with equal distributions of advances. The IBU surpassed the target of $1 billion as of March 2024. For this fiscal year, the IBU has set a target of achieving 50 per cent business growth over the previous year.
The bank aims to offer digital banking facilities through transaction-based internet banking facilities to various clients allowed as per IFSCA guidelines.