Kotak Mahindra Bank opens IFSC banking unit at GIFT City

Kotak Mahindra Bank Ltd has became the fourth bank to open its IFSC Banking Unit (IBU) at International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT) City. IFSC is the India’s first and only financial centre. 

The bank offers a range of financial services, transaction banking and also include lending verticals, manages IPOs, and provides working capital loans. At IBU, the bank expects a balance sheet of $ 1 billion in the next three years.

The IBU allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements. It can offer products such as external commercial borrowings (ECBs) to its customers.

So let’s discuss some questions related to this post : 
1. Name the bank which has opened its IFSC banking unit at GIFT city ?
2. Expand the term IFSC, GIFT and ECBs ?

Courtesy : The Hindu


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