IDBI Bank becomes first PSU bank to open International Banking Unit at India’s first IFSC in GIFT City
IDBI Bank offers personalised banking and financial solutions to its clients in the retail and corporate banking arena through its large network of branches and ATMs, spread across length and breadth of India.
IDBI Bank is one of India’s pioneer and leading provider of project financing and infrastructure financing. Its in-house specialization and skill sets in project appraisal are highly regarded.
The inauguration of the IDBI Bank- IBU took place in GIFT IFSC in the presence of Mr. Kishor Kharat, MD & CEO- IDBI Bank, Mr. Sudhir Mankad, Chairman- GIFTCL, Mr. Maheswar Sahu, Chairman- GIFT SEZ, Mr. Jayant Kumar Dash, Regional Director- RBI and Mr. Ajay Pandey, MD & Group CEO- GIFTCL.
Kishor Kharat, MD & CEO of IDBI Bank said, “As part of IDBI Bank’s strategy to encash on emerging global opportunities, we have set up our IFSC Banking Unit at GIFT IFSC and we are confident that it will significantly enhance our global financing business. IDBI Bank’s GIFT branch will provide full range of corporate banking services and will meet foreign currency funding needs of its vast Indian clientele. Through its GIFT branch IDBI Bank aims to foster greater trade and cross border transactions between India and rest of the world.”
The IFSC Banking Unit (IBU) allows IDBI Bank to deliver a complete range of products to its clients with foreign currency funding requirements. IBU can actively offer products such as external commercial borrowings to its customers. IBU will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers. Presently IDBI Bank has presence at DIFC, Dubai which is catering to foreign currency and trade related requirements of corporate clients. This is further complemented by opening of IBU at GIFT City.
Welcoming the opening of IDBI Bank’s IBU at GIFT IFSC, Ajay Pandey, MD & Group CEO of GIFT Company Ltd. said, “In a major milestone for us, IDBI Bank has become the first PSU bank to open its IBU at GIFT IFSC. We expect some more PSU banks to begin their IBU operations soon. Four private sector banks have already begun operations at our IFSC. It is estimated that even under conservative estimates, around USD 50 billion worth of international business is conducted outside of India in the absence of an IFSC in India. We are confident that at the pace at which we are progressing today, in the next few years, the global financial hub coming up at GIFT City will be able to retain a lot of this business which is now going out.”
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