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August 05, 2015

IndusInd Bank to set up IFSC operations

IndusInd Bank application to start an International Financial Services Centre (IFSC) in GIFT City got a boost today after it received all the requisite approvals from RBI and SEZ Development Commissioner. The Bank’s International Banking Unit (IBU) will open the path of easy access to international financial markets for the Bank. The IBU will help the Bank to provide its customers with a plethora of options which will include providing ECB to its customers.

SuhailChander who heads the Corporate & Commercial Banking of IndusInd Bank stated that this IBU in GIFT City is yet another milestone in the Bank’s growth trajectory. This development will benefit the Bank in servicing its clients’ foreign currency funding requirements and would help the Bank in meeting its objective of being a complete banking partner for its customers with global aspirations.

The IBU operations are expected to start in 2-3 months. Indian Banks are enthusiast about the prospects of setting up an IBU in the IFSC at GIFT City. After the banks have an IBU in GIFT, they need not depend on their overseas branches to cater to their client’s requirements related to foreign funding as well as international products

 

 

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