Indian Overseas Bank Receives IFSCA License for GIFT IFSC Unit

Indian Overseas Bank has received a license from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) in GIFT City, Gujarat. This follows RBI's prior approval for the bank to set up the unit. The license is perpetual and subject to IFSCA's terms and conditions. This move is expected to enhance the bank's international financial services capabilities.