Bank of Maharashtra shares in focus, receives RBI nod to open GIFT City branch
The center has emerged as a hub for fintech innovation and global investments, generating jobs and attracting institutions from the banking, education, and technology sectors.
Bank of Maharashtra shares in focus, receives RBI nod to open GIFT City branch
Public Sector lender, Bank of Maharashtra has received approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City. The branch will function as Bank of Maharashtra's first international branch carrying out offshore banking operations from India.
Speaking on the development, BoM MD & CEO Nidhu Saxena said," 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." This development will help expand the international banking business and also enable the bank to provide specialized banking services to its customers, he added.
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Aligned with the government's vision of making India an international financial hub, the GIFT City, located in Gandhinagar, Gujarat is India's first IFSC, aimed at revolutionizing India's financial ecosystem by providing world-class banking services locally and reducing reliance on offshore financial hubs, BoM said in a statement.
The center has emerged as a hub for fintech innovation and global investments, generating jobs and attracting institutions from the banking, education, and technology sectors. The IFSC Banking Unit (IBU) will provide access to international financial markets, enabling the bank to offer a comprehensive range of products to clients with foreign currency funding needs.
The bank will now be able to actively provide products such as External Commercial Borrowings to its customers. Additionally, through this banking unit, the bank can meet the funding requirements of overseas entities, including joint ventures or subsidiaries of its domestic clients.
This development will further enhance the bank’s capabilities and capacity to serve clients in India, while also allowing participation in global syndications.
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