Yes Bank becomes first bank to operate in GIFT City

yesbank--621x414Yes Bank has announced that it has started operations at the Gujarat International Finance Tec City (GIFT) from its IFSC (Indian Financial System Code) banking unit there.

In a statement, the Bank said, “Pursuant to the approval received from the Reserve Bank of India (RBI), it has operationalised its IFSC Banking Unit in the GIFT City. Further, it is the first Bank to start operations in GIFT City by setting up an IBU (IFSC Banking Unit).

The IBU will give a push to the growth plans by providing it access to international financial markets, along with offering a product suite to its corporate clients that requires funding from foreign currency. It will allow the Bank to raise foreign currency funding via MTNs and other routes as suitable.

In addition, it will help the lender in further diversification and expansion of cross-border asset products as well as widen the scope and depth of liabilities base.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.