April 3, 2023
The Bank of Baroda, a government-owned bank, offers a variety of services to satisfy the unique requirements of Indian enterprises. This announcement comes at a time when numerous Indian firms with funds in the now-defunct Silicon Valley Bank in the United States are likely seeking to relocate their funds and reduce their exposure to risk.
According to a press release, these services are accessible through the bank’s IFSC branch in Gujarat’s GIFT City, its extensive network of 16 branches dedicated to startup companies, and its strong presence in 17 other nations. GIFT City is a global, integrated hub for financial and technological services.
Bank of Baroda was one of the first companies to establish operations in GIFT City, and its IFSC Banking Unit provides local startups with a range of international banking options, such as loans in foreign currency, fixed-rate foreign currency deposits, external commercial borrowing loans, trade finance facilities, and loans in foreign currency.
The IFSC Banking Unit of Bank of Baroda in GIFT City is the first and only bank to offer transaction-based Internet Banking to retail and business consumers, including entrepreneurs, in the three major foreign currencies: the US Dollar, the Euro, and the British Pound Sterling.
This provides entrepreneurs with 24/7 account access, as well as the flexibility and convenience to conduct secure fund transfers and banking transactions.
In addition, Bank of Baroda has launched “bob Global Startup,” a unique programme designed to meet the requirements of Indian businesses.
As part of the programme, entrepreneurs will have access to a variety of products and services, such as customised startup current accounts, foreign exchange services, payment gateways, point-of-sale systems, cash management systems, corporate credit cards, and business financing.
