Kotak Mahindra Bank has become the fourth bank to open its IFSC banking unit (IBU) at the Gujarat International Finance Tec-City (GIFT).
IBUs of YES Bank, Federal Bank and ICICI Bank have been operational at the GIFT for several months now.
In the past six months, more than $250 million worth of business transactions were conducted at GIFT, which is attracting a lot of interest from the BFSI sector in India. An IBU allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements.
Welcoming the opening of Kotak Mahindra Bank’s IBU at GIFT IFSC, Ajay Pandey, MD & group CEO of GIFT Company Ltd, said, “We are happy to have Kotak
Mahindra Bank at GIFT IFSC. It’s an important addition for us to have one of India’s leading private sector bank set up base at India’s first IFSC…”
KVS Manian, president – corporate, institutional and investment banking, Kotak Mahindra Bank, said: “Indian corporates have expanded business operations across geographies, which in turn has led to increased requirement for financial products and services in overseas markets. Our IBU in GIFT City will cater to this growing demand. We will offer a host of products and services including External Commercial Borrowings (ECB), buyers’ credit for imports, and factoring / forfaiting of export receivables for Indian corporates in international markets.”