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Central Bank of India to launch GIFT City IFSC unit in first week of next month

The bank has secured RBI and IFSCA approvals to operationalise its International Financial Services Centre Banking Unit, marking its entry into India's offshore financial hub.

Banking1 min read

➤Central Bank of India plans to operationalise its IFSC Banking Unit (IBU) at GIFT City in the first week of next month, according to the bank’s MD & CEO Kalyan Kumar. — Image: Finsamudra LinkedIn archive

Central Bank of India will open its IFSC Banking Unit (IBU) at GIFT City in Gujarat in the first week of next month, MD & CEO Kalyan Kumar announced. The bank has already received approvals from both the Reserve Bank of India and the International Financial Services Centres Authority (IFSCA).

The new unit will handle the bank's international banking operations and foreign currency business. Services offered will include foreign currency lending, trade finance, and treasury-related operations—core functions for banks competing in offshore markets.

The move reflects a broader trend: Indian banks are expanding their GIFT City footprint as India's financial system deepens its international reach. GIFT City operates under a separate regulatory regime designed to attract global capital and talent.

Why it matters

For DSAs and loan distribution networks, GIFT City presence signals a lender's capacity to handle cross-border credit products and forex-linked offerings. As Indian corporates and HNIs diversify their assets offshore, banks with IFSC units become more competitive partners for structured financing deals.

Central Bank of India's IFSC entry means another mainstream bank is now capable of onboarding international banking workflows. This expands the ecosystem for connectors facilitating offshore credit products and foreign currency transactions—a growing segment in India's credit distribution market.

Sources

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Finsamudra DeskNewsroom · 19 May 2026, 8:00 pm IST

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