New Launch9 May 2025, 01:51 pm
Bank of Maharashtra Receives License for Establishing IFSC Banking Unit at GIFT IFSC, Gujarat
AI Summary
Bank of Maharashtra has received a license from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) in GIFT IFSC, Gujarat. This development comes after the Reserve Bank of India (RBI) permitted the bank to set up an IBU in GIFT IFSC in February 2025. This is a significant step for the bank, allowing it to expand its operations and services in the international financial services sector.
Key Highlights
- Bank of Maharashtra has been granted a license by the IFSCA to establish an IBU at GIFT IFSC, Gujarat.
- This development follows the RBI's permission for the bank to set up an IBU in GIFT IFSC in February 2025.
- The bank is now able to expand its operations and services in the international financial services sector.