Bank of India takes over 6% stake in recently incorporated CCIL IFSC

State-owned Bank of India  has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC.

Bank of India's Executive Director (International Operations) Subrat Kumar in GIFT City had made the announcement while speaking at an event to mark the first anniversary of the bank's IFSC Banking Unit in GIFT City.

"The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said.

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CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre, backed by Clearing Corporation of India.

The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected to help develop the GIFT City ecosystem further by enabling and promoting a greater number of use cases within the IFSC.

While inaugurating the IFSC Banking Unit at GIFT City last year, the bank had set an ambitious target of touching a business of $ 1 billion in the first year of operation with equal distributions of advances.

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Further the basic objective is to offer digital banking facilities through transaction-based internet banking facilities to various clients allowed as per IFSCA guidelines.

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