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UCO Bank has launched its International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City, Gandhinagar, expanding its international banking operations and access to cross-border financial services. The unit will provide trade finance, external commercial borrowings, foreign currency loans, loan syndication, treasury services and other permitted services. It will serve Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers. UCO Bank is also offering a 6.50 per cent interest rate on FCNR(B) deposits through the unit. The move builds on the bank’s international banking presence in Singapore and Hong Kong.
UCO Bank has launched its International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City in Gandhinagar, marking its entry into the international banking hub and widening its ability to provide financial services for cross-border transactions.
The new unit will offer a range of international banking services, including trade finance, external commercial borrowings (ECBs), foreign currency loans, loan syndication, treasury services and other financial services permitted under the IFSC framework, the bank said.
The IBU will cater to Indian corporates, exporters and importers as well as financial institutions, overseas businesses and other eligible customers. The facility is intended to support customers with cross-border financing requirements and provide access to international financial markets.
UCO Bank is offering an interest rate of 6.50 per cent on FCNR(B) deposits through the IBU. The bank said the offering has helped mobilise deposits and indicates growing customer interest in its international banking services.
The launch follows the Reserve Bank of India’s approval for UCO Bank to establish an IBU at GIFT City. The approval was granted in September 2025, allowing the bank to set up the unit within the IFSC.
GIFT IFSC is India’s first operational International Financial Services Centre and is regulated by the International Financial Services Centres Authority (IFSCA). As of March 2026, the IFSC had more than USD 111 billion in banking assets and 1,147 final IFSCA registrations and authorisations, underlining the scale of financial activity that has developed at the centre.
UCO Bank already has an established international banking network. The bank operates in Singapore and Hong Kong and has correspondent banking arrangements across international markets. Its existing international banking services include foreign currency loans, export and import finance, remittances, forex and treasury services and correspondent banking.
The bank said its experience of more than seven decades in international banking would support the operations of the GIFT City unit. The IBU is expected to connect Indian businesses with overseas financial markets while adding another channel for UCO Bank to handle cross-border financing and international banking requirements.
The move also comes as GIFT IFSC continues to expand its banking ecosystem. IFSCA lists banking alongside fund management, capital markets, insurance, aircraft leasing, ship leasing and fintech among the key activities operating within the centre.
For UCO Bank, the GIFT City unit adds an IFSC-based platform to its existing overseas operations and domestic foreign-exchange network. The bank’s international business has been expanding, with its management previously indicating growth in overseas deposits and advances as demand for international financing increased.
Source PTI
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