Bank of India acquires over 6% stake in recently incorporated CCIL IFSC

State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC.

The announcement was made by Bank of India's Executive Director (International Operations) Subrat Kumar in GIFT City while speaking at an event to mark the first anniversary of the bank's IFSC Banking Unit in GIFT City.

"The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said.

Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre.

The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected