Indian Overseas Bank Gets IFSCA Licence to Open Branch at GIFT City
June 03, 2026
GIFT City: State-owned Indian Overseas Bank (IOB) has received approval from the International Financial Services Centres Authority (IFSCA) to establish a banking unit at Gujarat International Finance Tec-City (GIFT City), the bank informed stock exchanges on Tuesday.
In a regulatory filing, IOB said the IFSCA granted the licence through a letter dated June 1, allowing the bank to open a branch in GIFT City and undertake offshore banking and foreign currency operations.
The bank stated that the licence will remain valid indefinitely, subject to compliance with the terms and conditions prescribed by the IFSCA.
The development follows the Reserve Bank of India’s approval granted in December 2025 for the establishment of an International Financial Services Centre (IFSC) Banking Unit at GIFT City in Gujarat.
The new unit is expected to strengthen IOB’s presence in international banking and enable it to cater to a broader range of global financial transactions and services. DeshGujarat
Recent Stories
- Students Caught in GCAS Row as St Xavier’s and GU Issue Separate Merit Lists
- Ahmedabad Police Crack Down on Illegal Bangladeshi Migrants; Over 300 Detained
- Stray Dog Menace: 7-Year-Old Dies After Attack in Amreli Village
- Gujarat-Cadre IPS Officer Rajiv Ranjan Bhagat Appointed ADG in SPG
- Bank of India Officers Challenge Census Duty Orders in Gujarat High Court
- Temperatures Dip Across Gujarat After Pre-Monsoon Showers; Ahmedabad Records 3.8°C Drop