Gandhinagar:

Axis Bank, India’s third largest private sector bank, today opened its off-shore banking unit (branch) at Gujarat International Finance Tec-City (GIFT City) near here.

Ms. Rita Teaotia – Commerce Secretary, Ministry of Commerce & Industry, Government of India, inaugurated the branch in the presence of Ms. Shikha Sharma – MD & CEO, Axis Bank.

Ms. Teaotia addressed the gathering and gave the background of the concept behind GIFT City SEZ. She emphasized on the need to recognise the opportunity to use the IFSC as Test bed, build the model here and then open it up for the country. She wished Axis Bank all the best in its endeavours at GIFT City SEZ.

With opening of this unit, Axis Bank will be able to provide a more comprehensive range of products to its customers with access to International financial markets. The offshore Banking unit can trade in foreign currency in overseas markets and also with Indian Banks, raise funds in foreign currency in deposits & borrowings from non-residential sources and provide loans and liabilities products for clients.

Ms. Shikha Sharma, MD & CEO – Axis Bank said, “This is a momentous development in the overall augmentation of Axis Bank’s business model and will help in further diversification and expansion of cross-border asset products. Axis Bank through its GIFT City Branch will make its contribution towards the government’s initiatives to boost the growth of IFSC in India, besides consolidating its corporate banking business. The aim is to foster greater trade and cross border transactions between India and rest of the world.”

DeshGujarat