| You
are a bank situated and operating in one of the 50 States of the Union.
Your forte could be handling the credit needs of a particular region, providing
finance for certain types of industries or handling trade between the USA
and an overseas country. Whatever be the case, it is natural for your customer
to first approach you, for advice, and support if they are thinking of
diversifying or taking up a new venture. Since India is now in the news,
they could come to you for India-related trade
India may not presently be high on your agenda. Nevertheless, it is time to sit up and reconsider your options because India is a nation on the move. Increasing external debt, balance of payments problems, insufficient value-added exports, etc., are hurdles of the past that India has already distanced itself from. All this has been possible because India has systematically set about achieving its goals. India has deregulated and delicensed many sectors of the economy. Foreign exchange regulations have been liberalized and the value of the Indian currency vis-a-vis the dollar has now been left to the dynamics of market forces. Exporters have been encouraged by incentives while foreign investors/industrialists have been wooed by giving priority allotment of land/sites in export processing zones, reduced tariffs on import of equipment, removal of duties on import of technology, etc. In fact, the sectors of power and energy, infrastructure development, and telecommunications have been opened to the world at large. As such, it should be clear by now to all that "India, really means business". This is the perfect time to branch into India-related trade, if not directly, atleast indirectly. Even though this trade may be complex to immediately comprehend, this should not deter you. After all if it is India-related trade that we are talking about, then you have an excellent partner in BANK OF INDIA. Bank
of India, New York branch and San Francisco Agency have been operating
in the USA since December 1978 and December 1977 respectively. Bank
of India has been established in 1906 and is headquartered in Mumbai
(Bombay), India with global assets of about USD 22 Bn. Bank of India
has a network of over 2524 branches spread over the length and breadth
of India . Besides this, Bank of India has branches in international
commercial centers like London, Tokyo, You should also know that Bank of India, New York and San Francisco have a team of banking professionals who come from different parts of India. These officers are very well-versed with the intricacies of India-related trade and having had adequate exposure in US, are familiar, confident, and comfortable, doing business the American way. Since they have good rapport with key personnel in the banking sector in India, Bank of India is in a position, unlike any other international bank here, to move things in India, should there be snags for any reason. |
Now that we know one another, all that remains is for you to accept all India business that comes your way and pass it on to us on a fee sharing basis. The services that we provide are:
- Advising and adding confirmation to LCs opened by Bank of India branches in India or other international centers. Also, on request, advising and adding confirmation to LCs opened by other public sector, private sector and co-operative sector banks in India.
- Opening LCs on India and getting them advised and confirmed through our branches in India or through other Banks' branches in India.
- Negotiating drafts drawn under LCs whether established by our bank or any other bank in India, whether advised through us or otherwise, so long as these LCs are not restricted to other banks for negotiation.
- Discounting drafts drawn under any Indian bank's DA LCs at competitive rates.
- Issuance of guarantees in favor of Indian beneficiaries by banks in India.
- Advisory services in respect of doing business with India, guidance on documentation for LCs emanating from India, etc.
Our services are prompt and efficient. We can ensure quick reimbursements. A look at our charges, would convince you that we are extremely competitive.
We
are sure that India-related trade will now be on your agenda. Try us and
you will realise that this trade is better done with Bank of India. If
you have any questions or need any clarification, please call
Mr. A.Ranganathan on 212-753-6100 or toll free at 1-800-232-2828 (Ext.
390).
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