Current Affairs - Banking - Discussion

Mashreq, one of the leading banks in the United Arab Emirates, has become the first UAE-based bank to receive in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a banking unit in GIFT City, Gujarat, India. This strategic move aims to support international and cross-border banking, including foreign currency loans, trade finance, and risk management. Scheduled to begin operations by the end of 2025, the new branch will function as an International Financial Services Centre Banking Unit (IBU). This development strengthens financial ties between India and the UAE and positions GIFT City as a rising global financial hub.