Yes Bank has commenced operations from its IFSC banking unit at the Gujarat International Finance Tec City (GIFT City). It is the first bank to start operations in GIFT City by setting up an IBU (IFSC Banking Unit). In a regulatory filing, the bank said that in pursuant to the approval received from the Reserve Bank, it has operationalised its IFSC Banking Unit in the GIFT City. The banking unit will push the bank’s growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency funding. The unit will allow the bank to raise foreign currency funding through MTNs and other routes as appropriate. The unit is expected to help the bank in further diversification and expansion of cross border asset products as well as widen the scope and depth of liabilities base.