2 weeks ago
UCO Bank launches IFSC Banking Unit at GIFT City
UCO Bank is a big bank in India.
It has opened a new special office called an International Financial Services Centre Banking Unit.
The office is in GIFT City, a special hub for international finance in India.
This office helps Indian companies that buy and sell goods with other countries.
It offers services like trade finance, foreign currency loans, and treasury services.
People and businesses with foreign currency deposits can earn a 6.50 per cent interest rate there.
UCO Bank has been doing international banking for more than 70 years.
It already has offices in Singapore and Hong Kong.
The new office acts like a bridge between Indian businesses and global financial markets.
This helps Indian companies get money and services from around the world.
UCO Bank has launched its IFSC Banking Unit (IBU) at GIFT City, marking its entry into the international banking hub.
The unit will cater to Indian corporates, exporters, importers, financial institutions and overseas businesses.
It will offer trade finance, external commercial borrowings, foreign currency loans, loan syndication and treasury services.
UCO Bank is offering a 6.50 per cent interest rate on FCNR(B) deposits through the IBU.
The bank will leverage over seven decades of international banking experience from its operations in Singapore and Hong Kong.
- Who
- UCO Bank, an Indian bank with over seven decades of international banking experience
- What
- Launched its IFSC Banking Unit (IBU) at GIFT City to offer international banking services for cross-border financing
- Where
- GIFT City, India's international financial services hub
- When
- Announced on August 13 as reported by PTI
- Why
- To help Indian businesses meet cross-border financing requirements and access global financial markets
Key facts
- Bank
- UCO Bank
- Unit launched
- IFSC Banking Unit (IBU)
- Location
- GIFT City
- FCNR(B) deposit interest rate
- 6.50 per cent
- Services offered
- Trade finance, external commercial borrowings, foreign currency loans, loan syndication, treasury services
- Target customers
- Indian corporates, exporters, importers, financial institutions, overseas businesses
- International presence
- Singapore and Hong Kong
- Report date
- August 13
Sources
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