Public sector lender, IDBI Bank announced opening of its IFSC Banking Unit (IBU) at India’s first and only International Financial Services Centre (IFSC) at Gujarat International Finance Tec – City (GIFT) near Gandhinagar.
- The bank informed that it became the first Public Sector bank to start functions in GIFT-IFSC.
- The IFSC Banking Unit (IBU) allows IDBI Bank to deliver a complete range of products to its clients with foreign currency funding requirements.
- 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.
IDBI Bank :
- Headquarters- Mumbai India
- MD & CEO -Mr. Kishor Kharat
GIFT City :
- Gujarat International Finance Tec-City or GIFT is an under-construction central business district between Ahmedabad and Gandhinagar in the Indian state of Gujarat.
- It is a dream project of current Prime Minister of India Narendra Modi. Since assuming office, the Modi Government has fast-tracked the setting up of the city.
- It will be built on 359 hectares (886 acres) of land.
- Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, Bangalore, Gurgaon etc. where infrastructure is either inadequate or very expensive.
- It will have a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units.
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