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Private sector lender, Axis Bank announced opening of off-shore banking unit at the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). With opening of this unit, Axis Bank will be able to provide a more comprehensive range of products to its customers with access to International financial markets.
State Bank of India (SBI), ICICI Bank, IDBI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank and IndusInd Bank have operations at their respective IFSC Banking Units (IBUs) at GIFT IFSC. The total value of the transactions made by these IBUs touched US $8 billion.
The offshore Banking unit is capable to trade in foreign currency in overseas markets and also with Indian Banks, raise funds in foreign currency in deposits & borrowings from non-residential sources and provide loans and liabilities products for clients.
Union Commerce Secretary, Rita Teaotia inaugurated Axis Bank's IBU in presence of Shikha Sharma, MD & CEO, Axis Bank. Teaotia emphasised on the need to recognise the opportunity to use the IFSC as “Test bed, build the model here and then open it up for the country.”
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