BoM gets RBI nod to open GIFT City branch

New Delhi: State-owned Bank of Maharashtra (BoM) on Sunday said it has received Reserve Bank of India’s approval to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City.

The branch will function as BoM’s first international branch carrying out offshore banking operations from India.

Speaking on the development, Bank of Maharashtra MD & CEO Nidhu Saxena said,” This is a significant opportunity for our bank as we continue to expand our operations across geographies.

The opening of IBU in GIFT City will be yet another milestone in the bank’s growth story.” This development will help expand international banking business and also enable the bank provide specialised banking services to its customers, he added.

Aligned with the government’s vision of making India an international financial hub, the GIFT City, located in Gandhinagar, Gujarat is India’s first IFSC, aimed at revolutionizing India’s financial ecosystem by providing world-class banking services locally and reducing reliance on offshore financial hubs, BoM said.