RBL Bank has inaugurated its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City). With this, the Bank has commenced offshore banking operations from India. It received an in-principle approval from RBI for setting up IBU on November 30, 2016. The IBU will give RBL Bank access to international financial markets and the bank will offer a range of products and services to its clients.
The Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, Bonds etc.).
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over two million customers through a network of 215 branches and 374 ATMs spread across 16 Indian states and Union Territories.