Bank of India Acquires 6.1% Stake in CCIL IFSC


  • The Bank of India (BoI) acquired a 6.125% stake in the Clearing Corporation of India Ltd. (IFSC).
  • This move reflects BoI’s commitment to strengthening its presence in GIFT City, India’s international financial services centre.


  • Stake Acquired: Bank of India purchased a 6.125% equity stake in CCIL IFSC.
  • Investment Value: The acquisition cost BoI ₹6.125 crore.
  • Shares Purchased: BoI acquired 61.25 lakh equity shares at ₹10 per share


  • The announcement was made by Subrat Kumar, Executive Director (International Operations) of BoI, at an event celebrating the first anniversary of the bank’s IFSC Banking Unit in GIFT City.
  • CCIL IFSC, promoted by Clearing Corporation of India Limited (CCIL), is designed to function as a real-time foreign currency settlement system and act as a clearing house within GIFT City.


  • Since inaugurating the IFSC Banking Unit last year, Bank of India set an ambitious target of reaching $1 billion in business within its first year, a milestone it achieved by March 2024.
  • For the current fiscal year, the bank aims for a 50% increase in business over the previous year, highlighting its aggressive growth strategy


  • Aligned with IFSCA guidelines, the Bank of India plans to offer comprehensive digital banking services through transaction-based internet banking facilities to various clients.
  • This initiative aims to enhance client convenience and support the digital transformation of banking services within GIFT City.


  • Operational Focus: CCIL IFSC will operate as a clearing house and system operator, specifically managing the Foreign Currency Settlement System (FCSS).
  • Financial Stability: By supporting the efficient and secure settlement of financial transactions, CCIL IFSC contributes to the overall stability and confidence in the financial markets


  • The acquisition of a 6.125% stake in CCIL IFSC by the Bank of India marks a strategic step towards enhancing its influence in GIFT City.
  • This investment is expected to strengthen the financial infrastructure, attract global investments, and promote economic growth in the region.
  • By supporting CCIL IFSC, BoI is contributing to the establishment of GIFT City as a leading international financial services hub in India.

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