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RBL Bank gets in-principle nod to start ops from GIFT City

Press Trust of India  |  New Delhi 

Private sector lender RBL has received in-principle approval from RBI to open global financial services centre at GIFT City.

RBL said it had applied for approval of Reserve of for opening of international financial services centre unit at International Tech-City (GIFT).

"In this regard,...The RBI vide its letter dated November 30, 2016 has granted in-principle approval for the aforesaid," the bank said in a regulatory filing.

GIFT City, India's first International Financial Services Centre (IFSC) was opened in April 2015.

The regulations governing GIFT City are aimed at creating a vibrant IFSC on the lines of those in and and check the flight of trading in rupee and Indian securities to such offshore financial hubs.

Several banks including (SBI), Kotak Mahindra Bank, Bank and have started their international operations from GIFT City.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 21:22 IST