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Federal Bank on Wednesday said it has crossed $200 million mark in total business at its IFSC Banking Unit (IBU) in GIFT City here.
Federal Bank had commissioned its IBU in India’s first International Financial Service Centre (IFSC) in GIFT City in November 2015. The unit offers various financial services such as funded and non-funded facilities to overseas operations of Indian corporates, extending loans to overseas business ventures of Non-Resident Indians, trade finance solutions to the Indian clients etc, Ganesh Sankaran, Executive Director of Federal Bank said, in a statement here.
Commissioning a unit at GIFT City was a strategic decision of the bank and is focused on ensuring specialised, hassle-free, cross–border trade transactions for its clients, he said.
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