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June 7, 2001
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Money > Business Headlines > Report June 7, 2001 |
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BoI plans fresh corporate banking thrust, unveils new productsNetScribes/Abhijit Neogy Bank of India has introduced a clutch of new products to beef up its corporate banking portfolio. These include a new cash management service, loans with currency switch options, loans against future cash receivables and electronic data transmission facilities for importers and exporters. The bank's new Star Cash Management system allows for speedy collection and remittance of cheques from corporate clients in 29 cities across the country, BoI chairman and managing director KV Krishnamurthy told NetScribes. The bank has also introduced Internet-based and electronic funds transfer facilities between the major cities of the country. The chairman declined to disclose the investment figure for the new product launches. Another fresh corporate product from BoI is the Dual Currency Swing Limits, with allows the borrower to switch the currency denomination of his liability so as to take advantage of foreign exchange fluctuations. As of now, the switch option is available between the rupee and the US dollar. The bank has also introduced discounting of future cash receivables in its corporate product portfolio. This will allow corporates to avail finance by leveraging their assured cash flow streams. BoI has also taken measures to simplify and streamline credit clearance procedures for its established and top rated clients. Krishnamurthy said the bank has introduced a new product in the form of loans for prepayment of housing loans availed earlier from other lenders at higher interest rates. |
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