Kolkata, Aug 13 (PTI) UCO Bank has launched its International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City, marking its entry into the international banking hub and expanding its access to global financial services.
The IBU will offer international banking services including trade finance, external commercial borrowings (ECBs), foreign currency loans, loan syndication, treasury services and other permitted financial services, a statement said.
The unit will cater to Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers, helping them meet cross-border financing requirements and access global financial markets.
UCO Bank said it is offering an interest rate of 6.50 per cent on FCNR(B) deposits through the IBU, which has helped mobilise deposits and reflects growing customer confidence in its international banking offerings.
The bank, which has over seven decades of international banking experience through its presence in Singapore and Hong Kong, said the GIFT City unit would leverage this expertise to support customers with cross-border financial requirements.
The IBU is expected to serve as a bridge between Indian businesses and global financial markets and strengthen UCO Bank’s international banking operations, the lender said. PTI BSM NN
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