Public sector lender, IDBI Bank announced opening of its IFSC Banking Unit (IBU) at India's first and only International Financial Services Centre (IFSC) at Gujarat International Finance Tec - City (GIFT) near Gandhinagar.

In a statement issued here, the bank informed that it became the first Public Sector bank to start functions in GIFT-IFSC.

The IFSC Banking Unit (IBU) allows IDBI Bank to deliver a complete range of products to its clients with foreign currency funding requirements. IBU can actively offer products such as external commercial borrowings to its customers. IBU will also be able to meet 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. Presently IDBI Bank has presence at DIFC, Dubai which is catering to foreign currency and trade related requirements of corporate clients. This is further complemented by opening of IBU at GIFT City.

Kishor Kharat, MD & CEO of IDBI Bank said, "We are confident that IBU 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."

IDBI Bank's IBU took place in GIFT-IFSC in the presence of Kishore Kharat, MD & CEO of IDBI Bank, Sudhir Mankad, Chairman of GIFTCL, Maheswar Sahu, Chairman of GIFT SEZ, Jayant Kumar Dash, Regional Director of RBI and Ajay Pandey, MD & Group CEO of GIFTCL, the statement informed.

So far, GIFT City has made allotments of over 15 million square feet of built up area in the SEZ and Non-SEZ area for development of office towers, residential apartments and social facilities to be developed at an estimated total investment of over Rs 10,000 crore.

Related Topics