State-owned Bank of Maharashtra (BoM) has received approval from the Reserve Bank of India (RBI) to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City, Gandhinagar, Gujarat. This marks the bank’s first international branch, paving the way for offshore banking operations from India.
Speaking on the development, BoM Managing Director and CEO Nidhu Saxena said, ‘This is a significant opportunity for our bank as we continue to expand our operations across geographies. The opening of IBU in GIFT City will be yet another milestone in the bank’s growth story.’
The newly sanctioned IFSC Banking Unit will enable the bank to expand its international banking business, providing specialized banking services to customers with foreign currency funding requirements. It will also offer products like External Commercial Borrowings (ECBs) to cater to corporate clients.
Located in Gandhinagar, GIFT City is India’s first IFSC and a crucial part of the government’s vision to position India as a global financial hub. It aims to revolutionize the financial ecosystem by offering world-class banking services within the country, minimizing dependence on offshore financial centers.
BoM’s new unit will facilitate access to international financial markets, enhancing the bank’s ability to support overseas entities, including joint ventures and subsidiaries of domestic clients. Additionally, it will allow participation in global syndications, strengthening the bank’s service capabilities for clients in India.
The establishment of the IFSC Banking Unit aligns with the bank’s growth strategy and the nation’s mission to promote fintech innovation, attract global investments, and generate employment opportunities in the financial sector.
The IFSC at GIFT City has already attracted a wide range of banking, education, and technology institutions, and BoM’s entry into this dynamic ecosystem is expected to further enhance its international banking footprint while contributing to India’s financial growth story.
