Punjab & Sind bank, a state-owned bank,aanounced on Wednesday that it has acquired permissoion from the international financial services centres authority (IFSCA) to open an IFSC naking unit (IBU) in gift city, Gandhinagar.
This is a step the bank's goal of expanding its international banking presence and providing world-class off shore banking services, according to a statement from Punjab & Sind bank.
The IBU will meet the financing demands of corporations, financial institutions, importers, and blobel investors by offering foreign currency banking,trade finance,and other international financial services, according to the statement.
The bank is still dedicated to supporting the Government of India's aim of transforming GIFT IFSC into a major globel financial centre while expanding its international commercial capabilities, it said.
