The financial institution of maharashtra has received regulatory approval to set up an IFSC banking Unit (IBU) at gujarat Global Finance Tec-City (GIFT IFSC), Gujarat.
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has authorized the bank to set up the unit in accordance with relevant guidelines. Further, the international Financial services Centres Authority (IFSCA), via its conversation (letter no. IFSCA-FMPP0IBUR/three/2025-Banking/2025-26/002) dated May 8, 2025, has granted the essential license for the established order of the IBU.
This development aligns with the financial institution’s approach to make bigger its presence in global monetary offerings and to leverage the growing opportunities to be had within the gift IFSC area.
Aligned with the government's vision of making india a global monetary hub, the gift metropolis, positioned in Gandhinagar, gujarat, is India's first IFSC, aimed toward revolutionizing India's monetary environment through imparting world-class banking offerings locally and lowering reliance on offshore financial hubs, BoM said in an assertion.
The center has additionally come to be a hub for fintech innovation and global investments, producing jobs and attracting establishments throughout banking, schooling, and technology centers, it said.
Within the change submission, the agency shared, “RBI has authorized the financial institution for setting up an IFSC banking Unit (IBU) in present IFSC, Gujarat. In this regard, we've got to inform you that the Global Financial services Centres Authority (IFSCA) vide letter no. IFSCA-FMPP0IBUR/three/2025-Banking/2025-26/002 dated eighth May, 2025, has granted a license to a financial institution to establish an IFSC banking Unit at present IFSC, Gujarat.”
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