RBL Bank has opened its IFSC Banking unit (IBU) at the Gujarat International Finance Tec-City (GIFT City). The had received an in-principle approval from RBI for setting up the IBU in November 2016. The bank will now be able to access to international financial markets. Vishwavir Ahuja, MD and CEO of the bank, said it will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, bonds etc.). Ajay Pandey, MD and Group CEO, GIFT Company, said an estimated $50 billion worth of international business is conducted outside of India in the absence of an IFSC in India. In the next few years, the global financial hub at GIFT City would be able to retain a lot of this business which is now going out. Collectively, business of IBUs, at present, at GIFT.
