BOB launches BARODA GOLD CARD SCHEME
By Our Banking Bureau | 28 Jun 2004
Mumbai: In order to ensure expeditious and timely financial assistance to the export sector at low rates of interest, and to remove procedural hassles, Bank of Baroda has launched BARODA GOLD CARD SCHEME for their export clients. All exporters having a good track record and creditworthiness will be eligible for issuance of the BARODA GOLD CARD.
Under the scheme, credit limits will be fixed for the exporter for Pre-shipment / Post-shipment credit requirements for a period of three years subject to annual review. Moreover, a standby limit of 20 per cent of the permissible finance will be available on merit to the exporters for executing sudden export orders. The chargeable rate of interest will be 4.00% below BPLR in case of Rupee Credit and LIBOR plus 75 bps for FC export credit.
The Gold Card holder will be eligible for certain concessions in service charges on banking services. The GOLD CARD will be issued for a period of three years renewable for a further period of three years on merit. Preference will be given to the Card Holders in granting PCFC. The Card holder, on a selective basis, will also be considered for issuance of foreign currency Credit Card.
