Bank of India opens for business

It was founded in Mumbai in 1906 and has over 4,322 branches in India and 53 operations in 21 other countries. Botswana is now the 54th overseas centre of the bank.Speaking at the launch last week, Bank of India chairperson Vijayalakshmi Iyer said they want to expand their services to Botswana by financing SMEs.

"We want to expand our services to the Botswana community through internet banking. We want to help SMMEs to grow - we will be financing them without requiring any security," said Iyer.BOI offers products under deposits and advances with special emphasis on inclusive growth, SMEs and the corporate sector.She said that they are projecting revenues of P87 million in the first eight months of their operation. She explained that the BOI business plan identifies core retail banking, accepting deposits and making home and business loans available as its core business.