Indian Overseas Bank Gets RBI Approval to Set Up IFSC Unit at GIFT City

30 Dec 2025 , 02:45 PM

Indian Overseas Bank said it has received approval from the Reserve Bank of India to set up an International Financial Services Centre Banking Unit at GIFT City in Gujarat, as per a regulatory filing.

The bank said the approval was granted by the RBI through a letter dated December 29, 2025, permitting the public sector lender to establish an IFSC Banking Unit at India’s designated international financial services hub.

The proposed unit will operate as an IFSC Banking Unit, also referred to as an IBU, and will function within the regulatory framework applicable to financial institutions at GIFT City.

Indian Overseas Bank informed the stock exchanges about the development through an intimation filed under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations.

The disclosure was submitted to both BSE Limited and the National Stock Exchange of India Limited for dissemination to market participants. The bank requested the exchanges to take the information on record and make it available on their respective websites, as part of statutory disclosure requirements.

The communication was issued from the bank’s central office and was signed by Ram Mohan K, Compliance Officer of Indian Overseas Bank. The filing also included contact details of the bank’s investor relations office for further communication with shareholders and stakeholders.

The establishment of an IFSC Banking Unit at GIFT City will allow Indian Overseas Bank to expand its presence in international financial services and cater to cross border banking and financial activities. The move marks a step in the bank’s efforts to strengthen its operations in specialised financial centres in line with regulatory approvals and strategic growth initiatives.

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