We being in the market, with an ear to the ground, know that " India Trade" is on your agenda. Since we make it our business to know the competition, we also know that you route this business through other international banks in the country. Well, so far, so good. But then must it always remain this way?
You, as an industrialist, manufacturer or trading house, are already selling machinery, commodities, raw materials, and services to India. If this is not a clarion call to do business/invest in India, then the liberalization process initiated by India has definitely opened up important sectors of the economy like telecommunication, infrastructure development, energy, etc., to the world at large and as such now is probably the best time to increase and diversify your exports to India
In all probability, you might be conducting your India-related trade through the mechanism of irrevocable letters of credit. These letters of credit may be opened by private sector banks, nationalized banks, co-operative banks, and international banks operating in India and may be advised by some banks in the USA. Quite often the bank in India might not be known to you or your bankers. In fact, at times, the international banks may also be unwilling to add their confirmation to these LCs for the same reason.

There could be other such situations:

  • Your importer is in a remote place in India where no other international banks are operating. In that case it may be difficult for him to get an LC established on the banker of your choice. This would definitely be the case if your client is operating his account with a co-operative bank in India.
  • You may be banking with a neighborhood bank, which is not familiar with India-related business. Therefore, your documents under LC would be routed by your bank to another international bank, which not only adds cost but also causes delays.
  • To sell to India you may have to offer credit. Since cost of credit is cheaper in the US, your overseas buyer would be willing to open DA LCs in your favor. It might however happen that, if, your banker's exposure on India is high, you might just not be able to get your drafts discounted.

So what? Well, you are a suave businessman who knows that at the end of the day it is the bottom line that matters . So why not concentrate on doing what you are best at doing, i.e. making business while the nitty-gritty of export dealings are handled by the experts in the line of India-related trade - 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 and are familiar, confident and comfortable doing business the American way. Bank of India is headquartered in Mumbai (Bombay), India with global assets of USD 19bn and has a network of over 2534 branches spread over the length and breadth of India . The Bank which was set up in 1906 also has branches in international commercial centers like London, Tokyo, Singapore, Hong Kong, Paris, etc. and is well-versed in international trade.

Bank of India, New York and San Francisco has a team of banking professionals who have come from different parts of India. These officers are well versed in India-related trade and have good rapport with key personnel in the banking sector in India. In view of this, unlike any other bank here, we are in a position to move things in India, should there be roadblocks for some reason or the other.

Well, to get down to brass tacks, the services we provide are:
  • Advising and adding confirmation to LCs opened by Bank of India branches in India or at 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.
  • Negotiating drafts drawn under Indian banks' LCs, whether advised through us or otherwise, so long as they are not restricted to other banks for negotiation.
  • Discounting drafts drawn under Indian banks' D/A LCs at competitive rates.
  • Advisory services in respect of doing business with India, guidance in documentation for LCs emanating from India,etc.

The above list of services is illustrative and not exhaustive. If there are any other services required, you are welcome to call us and inquire because Bank of India can offer you the right business solution. Our service is prompt and efficient and we can ensure quick reimbursements. A look at our charges would convince you that we are extremely competitive.

Since you know by now that India means business, give us a call and we could do business with India, hand in hand. You will realise that if you do trade with India, it’s better done through Bank of India. For further information/clarifications please call Mr. Mr.A.Ranaganathan on 212-753-6100 or toll free at 1-800-232-2828 (Ext.390).


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