Kotak Mahindra Bank Ltd, on Tuesday, became the fourth bank to open its IFSC Banking Unit (IBU) at India’s first and only International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) City.
The private sector banking and financial major offers a range of financial services, including transaction banking. It also operates lending verticals, manages IPOs, and provides working capital loans. At IBU, the bank expects a balance sheet of $one billion in the next three years. With over $250 million worth of business transactions done at IFSC in the past six months, GIFT is attracting interest from the BFSI sector in India, especially from banks, insurance companies and other financial services players who want to tap the global markets. IBU allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements.