Mumbai, 15th December 2023: Bank of India (BOI) has launched its latest financial offering for exporters, “BOI STAR EXPORT CREDIT” – a key product designed to fuel the growth of export-oriented units in India with specific focus on Agriculture and MSME exporters. BOI expects the product to find favour among exporters since exports play a major role in the economy’s overall development by creating more job opportunities while introducing technological advancements and global product offerings as well as boosting forex reserves.
Launched by Bank of India’s MD & CEO Shree Rajneesh Karnatak on 12 December, the product has features such as competitive ROI starting from 7.50% p.a., ECGC premium cost being shared 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 marketed pan-India in a focused manner via BOI’s robust network of 10 Large Corporate branches, 18 Emerging Corporate Credit branches, 125 SME-focused branches, 179 forex Authorised Dealer (AD) branches and 115 SMECC/UCs. As it has been rolled out for all branches across India, the Bank is expecting a 30% growth in its export credit portfolio through this product.