Bank of Maharashtra (BoM) has received approval from the Reserve Bank of India (RBI) to set up an International Financial Services Centre (IFSC) Banking Unit at Gujarat International Finance Tec-City (GIFT City). This marks the bank’s first international branch, enabling it to facilitate offshore banking operations from India.
Nidhu Saxena, Managing Director (MD) and Chief Executive Officer (CEO), Bank of Maharashtra, hailed this as a milestone. He said, “This is a remarkable opportunity for our bank as we continue to expand across geographies. The opening of the IBU in GIFT City will be yet another milestone in our growth story.”
GIFT City, located in Gandhinagar, Gujarat, is India’s first International Financial Services Centre (IFSC), envisioned to transform India’s financial landscape by offering world-class banking services and reducing reliance on offshore financial hubs. The centre has also emerged as a global fintech and investment hub, attracting financial institutions, education centres and technology firms.
With the IFSC Banking Unit (IBU), Bank of Maharashtra will gain direct access to international financial markets, allowing it to offer a wide range of specialised banking services for clients with foreign currency funding needs. The bank will now provide products such as External Commercial Borrowings (ECB) and cater to the funding requirements of overseas entities, including joint ventures and subsidiaries of its domestic clients.
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