Punjab & Sind Bank gets approval to set up IFSC banking unit at GIFT City

State-owned Punjab & Sind Bank on Wednesday said it has received the licence from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) at GIFT City, Gandhinagar.

This marks a step in the bank’s journey towards expanding its international banking presence and offering world-class offshore banking services, Punjab & Sind Bank said in a statement.

The IBU will cater to the financing needs of corporate, financial institutions, importers and global investors through a range of foreign currency banking, trade finance, and other international financial services, it said.

The bank remains committed to supporting the Government of India’s vision of developing GIFT IFSC into a leading global financial centre while strengthening its international business capabilities, it said.