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.