New Delhi: State-owned Punjab & Sind Bank has received approval from the Reserve Bank of India (RBI) to open a branch at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.
This marks the bank’s strategic entry into global financial services and international banking operations, Punjab & Sind Bank said in a statement.
GIFT City IFSC is India’s premier international financial hub, designed to provide a world-class ecosystem for cross-border financial transactions, international trade finance, offshore banking, and capital market activities, it said.
The bank’s presence in GIFT City will enable it to leverage this globally competitive platform and strengthen its capabilities in Foreign currency lending, trade finance, treasury operations and international banking.
Commenting on the development, the bank's MD and CEO Swarup Kumar Saha "the RBI approval to open a branch at GIFT City is a landmark moment for our Bank. This step aligns with our long-term vision of entering the international market and strengthening our participation in global financial markets."
The GIFT City branch will enable the bank to better serve our corporate and institutional clients, offer competitive foreign currency solutions, and support India’s ambition of becoming a global financial powerhouse, he said.
This initiative is in line with the bank’s strategic focus on sustainable growth, innovation, and value creation for customers and stakeholders, while supporting national priorities of financial sector development and global integration, it added.
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