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
Inflation rises on strong dollar
Consumers should expect to pay more for imported goods and locally manufactured products that use imported raw materials as the dollar continues to mount pressure on the shilling....
Only 23 percent of Ugandans access internet
The permanent secretary in the ministry of ICT Dr. Jimmy Pat Samanya has called for reduction in internet fees to enable more Ugandans benefit from it....
Libyan government injects sh180b to revamp Utl
The Libyan government has injected $56m to revamp Uganda Telecom Limited (Utl) that has been facing serious financial problems, the Libyan Foreign Affairs minister, Mohamed Dayri has revealed....
China eyes more investment opportunities in Uganda
A group of Chinese investors have expressed interest in investing more funds in different sectors which range from agriculture, mining, manufacturing, real estate among others in the country....
UAE Exchange celebrates customer loyalty
Every year, UAE Exchange commemorates its customers, by celebrating Customer Loyalty from 1st to 10th June, 2015. Special discounts, offers, promotions, are conducted giving an opportunity to customers to win exciting prizes....
The future of e-business and its contribution to Uganda
Going forward, business owners in the country albeit not all, ought to review their business s and plug in to e-commerce....
With Eddie Kenzo’s win at the BET awards, is Ugandan music being recognized worldwide?
Yes
No
Can't Say
follow us
subscribe to our news letter