Current Affairs   »   Banking Current Affairs 2022   »   MUFG Bank of Japan receives approval...

MUFG Bank of Japan receives approval to open a branch at GIFT City

MUFG Bank, a Japanese lender, will open a branch in Ahmedabad’s Gujarat International Financial Tec City (GIFT City) to conduct foreign currency lending. This will be the company’s sixth location in India. With a broader range of financial services, MUFG can better serve its domestic and international clients. It has offices in Mumbai, Delhi, Bengaluru, Chennai, and Neemrana at the moment.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

KEY POINTS:

  • As of December 2021, India’s funds-based exposure was Rs 15,671.4 crore, while non-fund exposure was Rs 5,169.1 crore. According to filings on the lender’s website, the lender’s capital adequacy ratio was 21.13 percent in December 2021.
  • Foreign currency-denominated loans are illegal in India in principle due to laws, however GIFT City allows you to book India-related offshore business on the Indian coasts.
  • In March 2022, MUFG announced the creation of a $300 million investment fund for Indian start-ups. This fund aims to not only help India’s economy grow monetarily, but also to foster partnership between MUFG and promising tech and IT enterprises.
  • This would enable the bank to satisfy their clients’ diversified finance needs in the Indian market, which is likely to continue to grow in the future.

Find More Banking News Here

MUFG Bank of Japan receives approval to open a branch at GIFT City_50.1MUFG Bank of Japan receives approval to open a branch at GIFT City_60.1

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *