Indian Overseas Bank has received approval from the Reserve Bank of India to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City, Gujarat, marking a key step in expanding its international financial services footprint.
The approval was granted by the RBI through a letter, and disclosed by the bank in a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations. The public sector lender informed both BSE Limited and the National Stock Exchange of India Limited about the development.
The proposed IFSC Banking Unit will operate at GIFT City, India’s designated global financial hub, enabling the bank to undertake international banking activities within the IFSC regulatory framework. This move is expected to strengthen Indian Overseas Bank’s participation in cross-border financial services and specialised banking operations.
The regulatory communication was issued from the bank’s central office and signed by Ram Mohan K, Compliance Officer, Indian Overseas Bank. The bank also shared investor relations contact details as part of the disclosure.
The approval aligns with Indian Overseas Bank’s broader strategy to enhance its presence in emerging financial centres and leverage opportunities offered by India’s growing international financial ecosystem.
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