The Bank of India (BOI) unveiled its latest financial offering for exporters, “BOI STAR EXPORT CREDIT” – a vital product designed to fuel the growth of export-oriented units in India, with a particular focus on Agriculture and MSME exporters.
BOI anticipates that the product will find favour with exporters because exports play an important part in the overall development of the economy by creating additional job possibilities, introducing technical breakthroughs and global product offers, and increasing forex reserves.
Launched on December 12 by Shree Rajneesh Karnatk, MD & CEO of Bank of India, has features such as competitive ROI starting from 7.50% p.a., ECGC premium cost sharing by the Bank, pre- and post-shipment limit interchangeability, standby line of credit facility, no capping on the upper limit of financing, and other benefits.
The product will be aggressively marketed throughout India using BOI’s extensive network of 10 Large Corporate branches, 18 Emerging Corporate Credit branches, 125 SME-focused branches, 179 FX Authorised Dealer (AD) branches, and 115 SMECC/UCs. With this product now available in all branches across India, the bank anticipates a 30% increase in its export credit portfolio.