Indian Overseas Bank Receives Perpetual License to Establish IFSC Banking Unit at GIFT City
Indian Overseas Bank has successfully secured a license from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU). The authorization allows the bank to set up its unit as a branch at GIFT City (GIFT IFSC) in Gujarat.The IFSCA granted the license to Indian Overseas Bank vide its letter dated June 1, 2026. This development follows earlier confirmation that the Reserve Bank of India (RBI) had permitted the bank to set up an IFSC Banking Unit in GIFT IFSC, Gujarat.
The license granted by the IFSCA is perpetual in nature. The bank's operations under this unit will remain subject to any specific terms and conditions that may be stipulated by the IFSCA.
IOB Stock Price Movement
Today, Indian Overseas Bank shares slipped by 0.15% to settle at ₹32.82. The stock saw notable activity in post-market trading, completing the day with a total volume of 3.29 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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