Gandhinagar: IndusInd Bank has announced the opening of its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India.

It is the sixth bank to open IBU at GIFT as GIFT IFSC has seen a significant jump in business, with total business transactions crossing the US$ 475 million mark, generated by 5 already operational IBUs of YES Bank, Federal Bank, IDBI Bank, Kotak Mahindra Bank and ICICI Bank. Few more banks as well as insurance and other financial services companies too are expected to begin operations at GIFT IFSC in coming months, Mr. Ajay Pandey, MD & Group CEO of GIFT City said today.

The IBU of IndusInd Bank, a Mumbai based new generation bank, established in 1994 which offers commercial, transactional and electronic banking products and services. will provide the bank access to International financial markets and will allow IndusInd Bank to deliver a complete range of products to its clients with foreign currency funding requirements. The Bank will now be able to actively offer products such as External Commercial Borrowings to its customers an area where it had limited capabilities hitherto, he said.

“The entry of IndusInd Bank at GIFT IFSC is another feather in the hat of this unique and first of its kind project in India. It is an important development for us to have one of India’s leading private sector bank set up base at India’s first IFSC,” Mr Pandey said.

Mr. Suhail Chander, Head, Corporate & Commercial Banking, IndusInd Bank said, “This is a significant development in the overall growth of IndusInd Bank and it helps us complete our off shore product offerings to corporate clients. This would be a step closer to cater to our customers overseas and will also address the growing demands of such services for Indian corporate in international markets.”

GIFT City, being developed near Gandhinagar, is India’s First Global Financial Hub. Part of GIFT City is notified as multi-service SEZ with IFSC status catering to India’s large financial services potential by offering global firms, world-class infrastructure and facilities. It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential & social facilities with total investment of about Rs. 78000 crore over next 10 years.

DeshGujarat