IDBI has become the first public sector bank to open its IFSC Banking Unit (IBU) at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT).
IDBI has become the first public sector bank to open its IFSC Banking Unit (IBU) at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT).
Kishor Kharat, MD & CEO of IDBI Bank, said, “As part of IDBI Bank’ strategy to encash on emerging global opportunities, we have set up our IFSC Banking Unit at GIFT IFSC and we are confident that it will significantly enhance our global financing business. IDBI Bank’s GIFT branch will provide full range of corporate banking services and will meet foreign currency funding needs of its vast Indian clientele. Through its GIFT branch IDBI Bank aims to foster greater trade and cross border transactions between India and rest of the world.”
The IBU will allow IDBI Bank to cater to clients with foreign currency funding requirements. It will also offer customers products such as external commercial borrowings, while meeting the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers. The bank’s presence at Dubai International Finance Centre (DIFC) will be complemented by the IBU in the GIFT City.
Welcoming the opening of IDBI Bank’s IBU at GIFT IFSC, Ajay Pandey, MD & Group CEO of GIFT Company, said, “In a major milestone for us, IDBI Bank has become the first PSU bank to open its IBU at GIFT IFSC. We expect some more PSU banks to begin their IBU operations soon. Four private sector banks have already begun operations at our IFSC…”
Currently, four private sector banks have IBUs at GIFT, with Kotak Mahindra Bank becoming the latest to commence operations earlier this month. YES Bank, Federal Bank and ICICI Bank also have operational IBUs at GIFT City.
IDBI Bank first PSB to open IBU unit in GIFT
