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BoB Launches Foreign Currency Loan

Published on December 04, 2022
Current Context: Bank of Baroda (BoB) launched a Foreign Currency Loan against INR Deposits of Indian Companies for their Overseas Subsidiaries/Joint Ventures.
BoB Launches Foreign Currency Loan
  • It was launched by the bank’s Gujarat International Finance Tec-City (GIFT City) branch in Gandhinagar, Gujarat.
  • It will provide an alternate facility for Indian banks to raise funds for their international businesses.
  • Under the program, BoB’s International Financial Services Centre (IFSC) Banking Unit (IBU) in GIFT City, Gandhinagar, will provide financial support to Overseas Subsidiaries/Joint Ventures by leveraging their INR deposits.
  • Bank of Baroda became the first bank to offer this facility at GIFT City, Gandhinagar which will help Indian companies to meet their cash-flow requirements for international operations.
  • Bank of Baroda is a financial services company that was established in 1908 with its headquarters in Vadodara. The current MD & CEO of the bank is Sanjiv Chadha.

Question:

Q.1 Which of the following became the first bank to launch a Foreign Currency Loan against INR Deposits of Indian Companies for their Overseas Subsidiaries/Joint Ventures in GIFT City?
a. ICICI
b. BOB
c. HDFC
d. PNB
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