Indian Overseas Bank on Monday said it has received approval from the Reserve Bank of India (RBI) to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City in Gujarat.
In a regulatory filing, the public sector lender said the RBI granted permission via a letter dated December 29, 2025, allowing the bank to set up an IFSC Banking Unit (IBU) under the prevailing regulatory framework .
The approval has been issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the bank has informed both the BSE and the National Stock Exchange about the development.
GIFT City is India’s flagship international financial services hub, housing offshore banking units, capital market entities, insurance firms and fintech players. Setting up an IBU at GIFT City will allow Indian Overseas Bank to undertake international banking activities such as foreign currency lending, trade finance, external commercial borrowings, and offshore treasury operations, subject to regulatory norms.
The move is in line with the broader push by Indian banks to expand their presence at GIFT City and tap cross-border business opportunities while operating within India’s regulatory ecosystem.
Indian Overseas Bank said the information has been uploaded on the bank’s website in compliance with SEBI regulations. The bank did not disclose a timeline for commencement of operations at the IFSC unit.
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