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RBL Bank has announced the opening of its IFSC banking unit at the Gujarat International Finance Tec-City (GIFT City).
RBI has provided its approval to the domestic public and private sector banks to open an IFSC banking units (IBU) at GIFT City for undertaking foreign exchange transactions with resident and non-resident entities other than individuals.
The bank has said that “The IBU will give RBL Bank access to international financial markets and the bank will offer a range of products and services to its clients.”
It added that RBL Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, Bonds etc.).
