Central Bank of India opens first forex hub in Gujarat at Vadodara to provide prompt and efficient services to importers and exporters
The first forex hub of the Mumbai-headquartered Central Bank of India in Gujarat was opened at Urmi Char rasta here to provide prompt and efficient services to importers and exporters.
Ramesh Singh, General Manager, Treasury & International division, Central Bank of India inaugurated this forex hub here yesterday which is fully equipped with necessary infrastructure such as swift facility, fax Internet etc besides trained staff. The bank plans to open a forex hub in Delhi before March 2015 and then march to Kolkata and Chennai later this year. Singh said the bank’s import export business stood at Rs 20,000 crore December 31, 2014 and our target is a 50 per cent growth to make it Rs 30,000 crore within next two years before the end of fiscal 2016-17.
Singh said the bank has posted its officials in Dubai too for meeting the buyers’ requirements in Gulf countries adding it has also made arrangements for meeting requirements of exporters and importers in Hongkong.
R N Syandolia, Field General Manager, Gujarat zone of the bank said, “We plan to open 40 more branches of the bank in various parts of gujarat state before end of 2015.”At present, there are 321 branches of the bank in Gujarat. The business of the Gujarat zone of the bank stood at Rs 31,000 crore on December 31, 2014.
