Indian Overseas Bank secures IFSCA approval for GIFT City branch
Business
Indian Overseas Bank (IOB) just got approval from the International Financial Services Centres Authority (IFSCA) to open a branch in the Gujarat International Finance Tec-City (GIFT City).
This means it can now handle offshore banking and foreign currency deals right from this new spot.
The license is open-ended, as long as IOB sticks to the rules.
IOB to raise ₹5,000 cr equity
After getting the Reserve Bank of India's (RBI) go-ahead last year, IOB's board has decided to raise ₹5,000 crore in equity capital through options like FPOs, rights issues, or QIPs.
This move is all about making the bank stronger and expanding its services at GIFT City, so expect more action from it soon in this growing financial hub.