Bank of India acquires over 6 pc stake in CCIL IFSC

Bank of India has acquired a 6.125% stake in CCIL IFSC, reflecting its commitment to GIFT City's growth as a global financial hub. CCIL IFSC, promoted by Clearing Corporation of India Limited, will operate a real-time foreign currency settlement system at GIFT City, enhancing its ecosystem. \r

Bank of India's IFSC Banking Unit surpassed its USD 1 billion business target set for the first year and aims for a 50% business growth this fiscal. Offering global banking solutions like ECBs, Trade Finance, and Foreign Currency Loans, the bank plans to introduce digital banking facilities in line with IFSCA guidelines, leveraging its competitive pricing and experienced team.