State-owned Bank of Maharashtra (BoM) has received approval from the Reserve Bank of India (RBI) to establish an International Financial Services Centre (IFSC) Banking Unit at Gujarat International Finance Tec-City (GIFT City). This will be the bank’s first international branch, facilitating offshore banking operations from India.
Nidhu Saxena, MD & CEO, Bank of Maharashtra termed this development a significant milestone, stating, “This is a significant opportunity for our bank as we continue to expand our operations across geographies. The opening of IBU in GIFT City will be yet another milestone in the bank’s growth story.” The move will enable the bank to expand its international banking business and offer specialized banking services to its customers.
GIFT City, located in Gandhinagar, Gujarat, is India’s first IFSC, envisioned to transform India’s financial landscape by providing world-class banking services while reducing reliance on offshore financial hubs. The centre has also emerged as a hub for fintech innovation and global investments, attracting financial institutions, education centres, and technology firms.
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With the IFSC Banking Unit (IBU), Bank of Maharashtra will gain access to international financial markets, allowing it to offer a comprehensive range of products to clients with foreign currency funding needs. The bank will now be able to provide products such as External Commercial Borrowings and cater to funding requirements of overseas entities, including joint ventures and subsidiaries of its domestic clients.
This development will bolster BoM’s ability to participate in global syndications, further enhancing its capacity to serve clients in India and abroad.
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