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BOB for a future-ready life

  • Introduction
  • Benefits
  • Features
  • Eligibility
  • Interest Rates & Charges
  • The Reimbursement Authorization financing is a funding mechanism wherein the financing is made to the Suppliers’ Bank against receipt of:
    1. Reimbursement authorization from LC opening Bank / Importer’s Bank,
    2. Reimbursement claim from Supplier’s / Exporter’s Bank
  • These type of transactions are self-liquidating in nature, i.e. the LC Opening Bank / Importers Bank will make the payment on the due date as per undertaking along with the reimbursement authorization. The payment on due date is not contingent on further performance of any contract by either the buyer or the seller.
  • The branch may extend Reimbursement financing to Banks/FIs on the strength of reimbursement authorization issued by the importer’s bank containing inter alia that the principal along with interest at agreed rate shall be paid on maturity without any deductions whatsoever. At the time of opening of Letter of Credit the name of reimbursing bank needs to be incorporated in the Letter of Credit.
  • Easy access to Foreign Currency Funds sitting in India.
  • Advantage of same Time Zone
  • Dedicated Relationship Manager
  • Period: For Import of Capital Goods -3- years from the date of shipment & For non-capital goods, this period shall be up to one year or the operating cycle whichever is less.
  • Person resident in India acting as an importer
  • The rate of interest to be charged should be competitive depending upon the prevalent market conditions, our cost of funds, amount and tenor of the loan etc.
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