Commencing offshore banking operations from India, RBL Bank, on April 6, 2017, announced the opening of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City).
The leading private sector bank had received an in-principle approval from RBI for setting up IBU in November, 2016.
This will give RBL Bank access to international financial markets.
RBL Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, bonds etc.).
Close to around USD 50 billion worth of international business is conducted outside of India in the absence of an IFSC in India.
The global financial hub at GIFT City would be able to retain a lot of this business which is now going out.
Collectively, business of IBUs, at present, at GIFT IFSC has already crossed the $ 2.5 billion mark
RBI has permitted domestic public and private sector banks to open an IFSC banking units (IBU) at GIFT City to undertake foreign exchange transactions with resident and non-resident entities other than individuals.
The IBU will give RBL Bank access to international financial markets and the bank will offer a range of products and services to its clients.
RBL Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, Bonds etc.).
RBL Bank: Know More- Headquarters: Maharashtra, India
- CEO: Vishwavir Ahuja
- Founded: August 1943
- Managing director: Vishwavir Ahuja
