Punjab & Sind Bank on Thursday announced that it has received approval from the Reserve Bank of India to open a branch at GIFT City.
The branch will be opened at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. With this approval, the bank will be able to undertake banking activities permitted under the IFSC framework, as per the regulatory guidelines issued by the RBI. The branch will function in line with the applicable rules and directions governing banking operations in the IFSC.
According to the bank, the approval allows it to establish a presence in GIFT City, which has been developed as a global financial and technology hub. The bank stated that the branch will help it extend its banking services to clients operating within the IFSC ecosystem.
Punjab & Sind Bank informed that the opening of the GIFT City branch forms part of its business expansion plan and will support its operations in the international financial services space. The bank added that the branch will cater to eligible customers and entities as permitted under the IFSC regulations.
The announcement was made through a regulatory filing, in line with disclosure requirements. The bank did not provide additional details regarding the timeline for the commencement of operations or the scale of activities at the new branch.
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