UCO Bank has informed the Exchange regarding 'Approval of Reserve Bank of India to setup IFSC Banking Unit (IBU) at Gift City,Gandhinagar, Gujarat'.
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UCO Bank has received approval from the Reserve Bank of India to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City in Gandhinagar, Gujarat. GIFT City is a designated international financial services hub that allows banks to offer foreign currency banking services to eligible clients. Setting up an IBU will allow the bank to participate in cross-border trade finance, foreign currency lending, and other international banking activities. The bank has not disclosed the investment size or expected timeline for operationalising the unit.
This is a positive strategic move that expands UCO Bank's international banking footprint and opens up new revenue streams from foreign currency and cross-border business. The financial impact may be modest initially but offers long-term growth optionality in the international banking segment.