IDBI Bank opens IFSC Banking Unit at GIFT City

AHMEDABAD . Public sector lender, IDBI Bank announced opening of its IFSC Banking Unit (IBU) at India's first and only International Financial Services Centre (IFSC) at Gujarat International Finance Tec - City (GIFT) near Gandhinagar.

 

In a statement issued here, the bank informed that it became the first Public Sector bank to start functions in GIFT-IFSC.

 

The IFSC Banking Unit (IBU) allows IDBI Bank to deliver a complete range of products to its clients with foreign currency funding requirements. IBU will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers. 

 

Presently IDBI Bank has presence at DIFC, Dubai which is catering to foreign currency and trade related requirements of corporate clients. This is further complemented by opening of IBU at GIFT City. Business Standard