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Punjab & Sind Bank has received approval from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) at GIFT City in Gandhinagar, strengthening its international banking presence. The upcoming unit will offer offshore banking services, including foreign currency banking and trade finance, to corporates, financial institutions, importers and global investors. The move aligns with the government's efforts to position GIFT IFSC as a global financial hub while enabling the bank to expand its international business and cross-border banking operations.
Punjab & Sind Bank has received a licence from the International Financial Services Centres Authority (IFSCA) to establish an International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City in Gandhinagar, the state-owned lender said in a statement.
The approval marks a key step in the bank's plans to strengthen its international banking operations and expand its presence in the offshore financial services segment. The proposed IFSC Banking Unit will enable the bank to offer a wider range of international banking solutions from India's premier financial services hub.
According to the bank, the IBU will cater to the financing requirements of corporates, financial institutions, importers and global investors. It will provide services including foreign currency banking, trade finance and other international financial products designed to support cross-border business transactions.
GIFT City has emerged as India's flagship international financial centre, with several public and private sector banks, financial institutions and global firms establishing operations there after receiving regulatory approvals from IFSCA. The centre has been developed to facilitate offshore financial services and improve India's competitiveness in global financial markets.
Punjab & Sind Bank further stated that the new banking unit reflects its commitment to supporting the Government of India's vision of developing GIFT IFSC into a leading global financial centre while strengthening its own international business capabilities. The bank expects the unit to enhance its ability to serve customers engaged in overseas trade and international financial activities.
Source PTI
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