Bank of Maharashtra Receives RBI Approval to Set Up IFSC Banking Unit

IN GIFT IFSC

OVERVIEW

  • Bank of Maharashtra (BoM) has received RBI approval to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City, Gandhinagar, Gujarat.
  • This marks a significant milestone as the unit will be BoM’s first international branch, dedicated to carrying out offshore banking operations directly from India.
  • Located at India’s first IFSC, GIFT City will serve as a global financial hub, helping BoM expand its international banking presence.

vision and strategic importance

  • GIFT City is aligned with India’s vision to become a global financial hub.
  • It aims to revolutionize the country’s financial ecosystem by reducing reliance on offshore financial centers and attracting global investment.
  • The city also fosters fintech innovation and creates job opportunities across banking, education, and technology sectors, contributing to India’s economic growth.

new banking services

  • The new IFSC Banking Unit will provide Bank of Maharashtra with enhanced services for clients globally.
  • It will offer access to international financial markets and the ability to provide External Commercial Borrowings (ECBs) to clients.
  • The unit will address foreign currency funding needs and enhance the bank’s ability to support joint ventures and subsidiaries of domestic clients, expanding its global services..

conclusion

  • The establishment of the IFSC Banking Unit at GIFT City represents a significant step for Bank of Maharashtra in its global expansion journey.
  • This move will not only enhance the bank’s ability to offer international financial services but also contribute to India’s position as a global financial hub.
  • BoM is poised to support domestic and international clients, focusing on innovation, global investment, and specialized banking services while engaging in global financial markets.

About Adi

  • We are a One-Stop solution offering a wide range of corporate business services to entities operating out of Gujarat International Finance Tech City (GIFT City IFSC) and across India.
  • Our customized solutions range from business set-up, accounting, audit support, tax advisory, legal advisory, secretarial, ROC compliance, SEZ compliance, IFSCA compliance support services and other business auxiliary services.
  • We are registered with IFSCA as an ancillary service provider at GIFT CITY-IFSCA.
  • We harness our market-leading expertise to help your vision become a thriving reality.

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