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.

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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.

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