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
Dr Maggie Kigozi: Obstacles in businesses are jewels
Dr Maggie Kigozi, director Crown Beverages Ltd has challenged the youth to consider obstacles in starting and running businesses as opportunities to create better lives....
How to widen Uganda’s tax base in a large subsistence economy
Uganda’s tax base remains small and the country is grappling with measures on how to widen the tax base in light of decreasing donor funds and pressures to finance the national budget....
UAE Exchange Uganda observed World Food Day
UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand observed World Food Day on 16th October. This year the theme was Family Farming: “Feeding the world, caring for the earth”...
Nigerian cleric warns Uganda over oil curse
Rev Father Edward Obi, a leading civil society activists fighting against the effects of the oil curse in Nigeria has warned Uganda that since oil has been discovered Ugandans are not safe from the negative effects the resource brings....
Oil to spur capital markets – Nsamba
This year marks 18 years since the Capital Markets Authority (CMA) was formed....
UBOS releases Producer Price Index
THE indices for hotels and restaurants indicate that annual prices for hotel services fell by 2.5 percent during the period of April, May and June 2014, compared to the same period in 2013...
Should the absence of bride price prevent couples from wedding?
Yes
No
Can't Say
follow us
subscribe to our news letter