Federal Bank has surpassed total business of $200 million at its IFSC Banking Unit (IBU) in Gift City, Gujarat. The bank had commissioned its IBU in India’s first International Financial Service Centre (IFSC) in GIFT City on November 2015.
The unit offers various financial services such as funded and non-funded facilities to overseas operations of Indian corporates, extending loans to overseas business ventures of Non Resident Indians, Trade Finance solutions to the Indian clients to name a few.
Federal Bank, the private sector bank operates through a branch network of 1,252 branches and 1,524 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.37 lakh crore as at March 31, 2016.