Bank of India opens GIFT City branch, aims $1 bn biz by March 2024

State-owned Bank of India on Wednesday opened its branch in the GIFT City Special Economic Zone in Gandhinagar and expects to achieve a USD 1-billion business through it by March 2024, a senior official said.
Bank of India also 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, its Managing Director and CEO Rajneesh Karnatak said.
Bank of India already has its presence in 15 foreign countries through 21 branches and four subsidiaries, a joint venture and a representative office. Through its GIFT City branch it will provide a range of global banking solutions to the clients, he said.
“We are expecting a USD 1 billion (Rs 8,227.35 crore) business by March 2024, out of which USD 500 million will be on deposit side and USD 500 million on advances side. In the subsequent three years, we plan to touch a figure of USD 4 billion with equal distributions of advance