YES Bank said it has achieved $1 billion on its balance sheet at the IFSC Banking Unit in Gujarat International Finance Tec City as on 31 March 2017. The bank was the first to achieve this milestone at the GIFT City. After starting its IBU in GIFT City, the bank has executed multiple transactions across key sectors, including agriculture and agri-businesses, affordable housing, media and entertainment, financial institutions, aviation, ports & logistics, manufacturing and telecom among others. The IBU offers External Commercial Borrowing (ECB) and trade credit to Indian corporate and foreign currency loans to overseas joint ventures or subsidiaries of Indian companies and other eligible foreign entities including solutions to entities incorporated in GIFT IFSC. Rana Kapoor, MD and CEO of the bank, said the bank is committed to further expanding its operations at the IBU and deepen its capabilities as the leading Indian bank for cross-border trade transactions, ECBs and foreign currency syndication.
