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
Graduates get extra business entrepreneur skills
GRADUATES and non-employed youth have been urged to supplement their school knowledge with entrepreneur and vocational to easily help them manage their own businesses...
India
Hundreds of India's companies have failed to find women for their boards despite a last-minute rush to meet a mandatory deadline to appoint at least one female director....
Regional ICT summit opens in Mombasa
The inaugural regional ICT summit dubbed Connect East Africa Summit has opened in the Kenyan coastal city of Mombasa....
Delay in passing legislation affecting microfinance sector
The delay in passing tier four legislation is affecting coordination and focused growth of the microfinance sector, according a new report....
Smartphone sales on the rise in East Africa
A few years ago, owning a smartphone was something to thump your chest about. Those days are becoming increasingly numbered...
MTN awards outstanding Ugandan women
The 2015 edition of MTN Women in Business Awards have seen Mrs. Barbara Ofwono, the proprietor of Victorious Schools scoop the overall Award of MTN Women in Business SME CEO of the year, applause for outstanding use of MTN Business’s overall service /prepositions to grow her business from one small...
Should police arrest parents who do not take their children to school?
Yes
No
Can't Say
follow us
subscribe to our news letter