Current Affairs - Banking - Discussion

Axis Bank has announced opening of off-shore banking unit at the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat. It was inaugurated by Union Commerce Secretary, Rita Teaotia in presence of Shikha Sharma, MD & CEO, Axis Bank. Through this offshore banking branch, Axis Bank will be able to offer more products to its clients including trading in foreign currency in overseas markets, raising funds in foreign currency and deposits & borrowings from non-residential sources. In context of this news, it is important to note that State Bank of India (SBI), ICICI Bank, IDBI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank and IndusInd Bank already have their International Business Units (IBUs) at IFSC.