Bank of Maharashtra Goes Global with GIFT City Expansion

The Reserve Bank of India (RBI) has granted approval to Bank of Maharashtra for setting up an International Financial Services Centre (IFSC) Banking Unit (IBU) in GIFT City, Gandhinagar, Gujarat. This unit will enable the bank to conduct foreign currency transactions and offer specialized financial services to global clients, including businesses, investors, and Non-Resident Indians (NRIs). According to BoM MD & CEO Nidhu Saxena, this is a significant opportunity for the bank to expand its operations and aligns with the government's vision of making India an international financial hub.

 

GIFT City is India’s first operational IFSC, designed to provide a business-friendly environment for financial institutions.

 

Source: AngelOne, Economic Times