Central Bank of India has inaugurated its first forex hub at Urmi Char rasta in Gujarat to provide prompt and efficient services to importers and exporters. Moreover, the bank is planning to open a forex hub in Delhi before March 2015 and then march to Kolkata and Chennai later this year.
The bank’s import export business stood at Rs 20,000 crore December 31, 2014 and its target is a 50% growth to make it Rs 30,000 crore within next two years before the end of fiscal 2016-17.
At present, Central Bank of India has overseas office at Nairobi, Hong Kong and a joint venture with Bank of India, Bank of Baroda and the Zambian government. Recently, it also opened a representative office at Nairobi, Kenya.
