Standard Chartered, Bank of India Lead $215M Aircraft Financing for Air India Subsidiary at GIFT City

• Standard Chartered and Bank of India structure a 7-year facility for six Boeing 777s via Air India’s leasing arm AIFS, marking a milestone for GIFT City’s financial ecosystem.

Standard Chartered and Bank of India today announced the financing of USD 215 million term loan to AI Fleet Services IFCS Limited (AIFS), a leasing subsidiary of Air India, based in the Gujarat International Finance Tec-City (GIFT City). AIFS has entered into a 7-year amortising term loan facility for financing of six Boeing 777-300 ER aircraft, it will lease the aircraft to Air India.

Air India is undergoing a fleet renewal and expansion program to support its transformation into a world-class global airline. Air India currently serves 55 domestic and 45 international destinations.

Standard Chartered played a lead role as a Structuring Bank. Both Bank of India and Standard Chartered also jointly underwrote the transaction as Mandated Lead Arranger and Bookrunner (“MLAB”). This landmark transaction is the first commercial aircraft finance transaction to be structured with a GIFT City borrower, positioning GIFT City as an emerging aviation finance centre. The transaction reflects the shared commitment of Standard Chartered and Bank of India to support India’s aviation growth story and highlights GIFT City’s role as a growing global aviation finance hub.

GIFT City is India’s first operational greenfield smart city and international financial services centre, promoted by Government of Gujarat in partnership with Government of India as a flagship project to position India on the global financial map. With this transaction, it marks a milestone for India’s rapidly expanding role in global aviation financing, strengthening its position as an emerging hub for aircraft leasing and financing.

Sanjay Sharma, Chairman, AIFS & Chief Financial Officer, Air India said, “Air India has embarked on a five-year transformation journey, placing an order for 570 aircraft, and GIFT City will be important for financing of these aircraft. With this commercial aircraft finance transaction via Standard Chartered and Bank of India we are glad to see GIFT City maturing further and emerging as an aircraft leasing and financing option for airlines as Indian aviation takes strides.”

Abhishek Pandey, Global Head of Transportation Finance at Standard Chartered, said, “This milestone demonstrates our ability to structure innovative, jurisdiction-aligned solutions while mobilising new pools of capital. This financing highlights our long-standing expertise in aviation finance and our commitment to supporting India’s aviation sector as it continues its remarkable growth trajectory.”

PD Singh, CEO, India and South Asia at Standard Chartered, said, “The first ever commercial aviation financing at GIFT City is an historic milestone and further reinforces GIFT city as an aviation finance hub of global repute. Standard Chartered is privileged to have led the transaction, in partnership with Bank of India. We believe the term loan facility to AI fleet services (AIFS), a subsidiary of Air India will provide a fillip to growing the aviation finance segment in India. It also underscores the Bank’s client centric approach and the endeavour to be an equal partner in the clients’ growth journey.

Standard Chartered was the first foreign bank to establish a branch in GIFT City and this transaction reaffirms our commitment to advancing GIFT city as a premier international financial hub. It is a matter of pride for Standard Chartered to have recently partnered with CCIL and IFSCA in bringing its global experience and expertise in managing the dollar payments as well as providing settlement services at GIFT IFSC,” Singh added.

Ashutosh Sharma, CGM – International Financial Services Centres Authority, GIFT City (IFSCA) said, "GIFT IFSC is developing strongly as a globally competitive ecosystem for financial services, including aircraft leasing and financing. The successful closure of this aircraft financing deal, originated within GIFT IFSC and executed among Bank of India (IBU GIFT City branch), Standard Chartered Bank, and AI Fleet Services IFSC Limited for wide-body commercial aircraft, marks a significant milestone. This transaction not only paves the way for future commercial aircraft financing through the GIFT City framework but also underscores GIFT IFSC’s emerging role as a growing hub for aviation financing and a destination offering competitive foreign currency loan structures."

Bank of India said, “At Bank of India, we are proud to be part of this landmark aviation financing transaction through GIFT City, Gujarat. This initiative underscores GIFT City’s growing significance as a global hub for aircraft financing. Aviation finance is a key enabler for India’s economic growth, connecting people, businesses, and markets worldwide. By leveraging the opportunities at GIFT City, Bank of India reaffirms its commitment to strengthening India’s presence in international financial services and contributing to the nation’s vision of becoming a leader in global aviation finance.”

Bank of India Announces 4 Major Launches, Strengthening Its Innovation Edge

Bank of India, one of India’s leading public sector banks reinforced its commitment to digital innovation and customer-centric solutions with the launch of four breakthrough products and initiatives aimed at enhancing security, convenience, and inclusivity in banking. The launches were unveiled during the Global Fintech Fest (GFF) 2025, where the Bank made a strong impression with its engaging and interactive booth.

The Bank’s booth was inaugurated by Dr. Arjun Deore, IFS, Regional Passport Officer & Head, MEA Branch, Mumbai, in the presence of Shri Rajneesh Karnatak, MD & CEO, and senior leadership of the Bank. Dr. Deore commended the Bank’s leadership in driving digital innovation and introducing cutting-edge solutions relevant to today’s evolving financial landscape.

Among the key launches was a Proof-of-Concept (PoC) solution designed to prevent fraudsters from registering on mobile banking applications through social engineering or fraudulent calls. The PoC was inaugurated by Shri Atul Kumar Goel, CE, IBA, who described the initiative as a potential game changer for the banking sector, addressing one of its most critical cybersecurity challenges.

The Bank also introduced NPCI’s biometric-based UPI transactions for small-value payments via mobile phones. This solution simplifies the user journey by mitigating UPI PIN fatigue and reducing transaction time by up to 20%, thereby improving the overall payment experience.

Further, the Bank unveiled two new premium credit card offerings in partnership with RuPay—

• Celestia, a premium credit card designed for high-value customers, offering benefits worth up to ₹1.5 lakh.
• Lakshmi Credit Card, a special card curated exclusively for women customers, offering a differentiated and empowering experience.

In line with its focus on financial inclusion, Bank of India also signed an MoU with PayNearby Technologies to avail business correspondent services under the Digital Naari Initiative. The MoU was exchanged in the presence of Shri Atul Kumar Goel, Shri Rajneesh Karnatak, Shri Subrat Kumar, Shri Rajeev Mishra, Shri Ashok Pathak, and Mr. Anand Bajaj. This partnership aims to empower hardworking women across rural and urban India, supporting the Government of India’s vision of inclusive and accessible banking.

Bank of India Announces a START-UP Focused Branches at 3 Centre Across PAN India

Bank of India – a major public sector bank with a significant domestic presence – has launched three special start-up centres through dedicated start-up focussed branches. The three start-up centres are located in Bengaluru, Mumbai and New Delhi.

The dedicated start-up branches are intended to facilitate the Central Government’s goal of promoting robust innovation and entrepreneurship through the start-up culture in India. Start-Up India is a flagship initiative of the Government of India, intended to drive sustainable economic growth and generate large-scale employment opportunities via start-ups. India is emerging as a hub for Start-up initiatives with more than 93,000 start-up entities already registered with the Department of Promotion of Industry and internal trade (DPIIT) to date.

These branches will offer all the necessary banking services to start-ups under one roof, serving as a hub for entrepreneurs in the start-up ecosystem and providing end-to-end financial services. The branches will have a special start-up desk with a Relationship Manager.

Bank of India, MD & CEO, Shri Rajneesh Karnatak, inaugurated the start-up desk virtually at two of these start-focussed branches on 24 July 2023 while being physically present to inaugurate the start-up branch at Turbhe, Navi Mumbai.

Speaking on the occasion, Shri Rajneesh Karnatak, MD & CEO of Bank of India, said, “Bank of India has given an in-principal approval for seven start-up branches today beginning with Mumbai, Bengaluru and Delhi. These start-up branches will add to the MSME book of Bank of India, which is the thrust area for our bank and the country. "

The three identified start-up-focused branches are:

• Bengaluru Main Branch in Bengaluru
• Parliament Street Branch in New Delhi
• Turbhe in Navi Mumbai

Bank of India has identified 9 more centres for start-up-focused branches. These centres will be operational in the near future. For decades, BOI has been the bank of choice for all sections of society while also being a pioneer in supporting innovation and entrepreneurship across the country.