Federal Bank opens unit at IFSC

Private sector lender Federal Bank today opened an international banking unit at the International Financial Services Centre (IFSC) in Ahmedabad, becoming the second lender to do so at the fledgling global financial centre.
Yes Bank was the first lender to open an IFSC at GIFT City in Gujarat on October 27 while public sector lenders like SBI, Bank of India among others have booked space for such units.
The Federal Bank opened its IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). A unit at GIFT City is equivalent to a foreign branch and hence facilitates the Bank to function as such from within the Indian shores.

The IBU was opened today by the Executive Director of Federal Bank, Ashutosh Khajuria in the presence of Tomy John, Vice-President and Head of the IBU and members of staff, a bank statement said.