IndusInd Bank opened its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India.
With opening of the IBU at GIFT-IFSC, IndusInd Bank will now be able to actively offer products such as external commercial borrowings to its customers. The IBU will provide the bank access to International financial markets and will allow it to deliver a complete range of products to its clients with foreign currency funding requirements.
Suhail Chander, Head, Corporate & Commercial Banking, IndusInd Bank said, "This would be a step closer to cater to our customers overseas and will also address the growing demands of such services for Indian corporate in international markets."
GIFT IFSC has seen a significant jump in business, with total business transactions crossing the US$ 475-million mark, generated by 5 operational IBUs of YES Bank, Federal Bank, IDBI Bank, Kotak Mahindra Bank and ICICI Bank each. Few more banks as well as insurance and other financial services companies too are expected to begin operations at GIFT IFSC in coming months.