Business
Bank of India returns after 4 decades
Publish Date: Jun 19, 2012
Bank of India returns after 4 decades
Finance Minister, Maria Kiwanuka is shown around the Bank of India premises by Alok Misra, the Chair
  • mail
  • img
newvision

By Samuel Sanya & Andrew Ssenyonga

THE Bank of India (BOI) has relaunched operations in Uganda after a 40 year hiatus following the expulsion of Asians of Indian Origin in 1972.

The bank returns at a time when the local banking industry is witnessing slower credit growth due to the Central banks tight monetary policy.

Alok Misra, the BOI group chief executive said that the bank will look at funding the agricultural sector and borrow from their experience in India to fund businesses in steel, Tourism, Transport, Real Estate and Construction.

Our decision to venture into Uganda is guided by the fact that India and Uganda have ties that are centuries old. Coming to the financial sector, both have a vibrant financial system.”

Both countries are emphasizing the development of agriculture and the Small and Medium Enterprises in addition to the inclusion of unbanked populations into the financial sector,” he said in an interview.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
UIA to host Kampala private equity and venture capitalist conference
Uganda Investment Authority (UIA) will host the first Kampala private equity and venture capitalist conference from 24th to 25th June 2015....
China
Li Hejun, the wealthiest man in China until this week, saw his fortune by as much as $15 billion in a half-hour as the stock in his company, Hanergy Thin Film Power Group, fell by nearly half....
BOU donates sh10m to charity
The Deputy Governor of the Central Bank, Dr. Louis Kasekende, has asked Ugandans to learn the virtue of sacrifice, which will subsequently help them to contribute to the betterment of the less-privileged persons in their immediate communities....
Banks target rural farming communities
High prospects in agriculture have started attracting commercial banks in the country to venture out to rural farming communities, where about 80% of the population remains unbanked....
Vivo Energy rewards best drivers
Vivo Energy Africa has rewarded drivers who have excelled in observing road safety rules....
SMEs
Small and Medium Enterprises (SMEs') have been urged to embrace business plans to encourage growth....
Should politicians be banned from addressing religious gatherings?
Yes
No
Can't Say
follow us
subscribe to our news letter