Central Bank of India opens its IFSC Banking Unit at GIFT City

New Delhi: Central Bank of India on Monday said it has opened its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.

The IBU was inaugurated by the bank's MD & CEO Kalyan Kumar marking a significant milestone in the bank's journey towards building a global banking presence, Central Bank of India said in a statement.

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Speaking on the occasion, Kumar said, the bank is committed to supporting India's growing integration with global financial markets and to serving the international aspirations of bank's existing and prospective customers, thereby aligning with the national vision of developing GIFT City as a leading global financial hub.

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The IBU will operate as the bank's offshore banking arm, transacting in foreign currency and offering a comprehensive suite of International Banking services viz. Cross-Border Banking Solutions, Foreign Currency Deposits, Investment Banking Services and Foreign Currency Loan Solutions, alongside trade finance, treasury and correspondent banking capabilities to Corporates, Institutions and Eligible Customers across the globe, it said.

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