Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) has approved the Bank of Maharashtra (BoM) to establish a branch in Gujarat International Finance Tec-City (GIFT City), Gujarat. This approval will enhance the bank's offshore banking operations and align with its expansion plans in the region. The bank already operates 101 branches in Gujarat and is targeting a 25% business growth to ₹15,000 crore by the second quarter of FY25. This move supports GIFT City's development as a prominent financial hub and strengthens India’s global financial standing.