Citibank NA (Citi), based in the United States, has received in-principle approval from Reserve Bank of India (RBI) and GIFT SEZ Authority to set up an IFSC Banking Unit (IBU) at GIFT City campus in Gandhinagar, an official release stated on Monday. “The presence of Citibank further strengthens the foreign bank ecosystem at GIFT IFSC. The Government of India has envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore and the presence of Citibank is a testimonial to that vision,” said Tapan Ray, MD & Group CEO, GIFT City. Fourteen banks have set up their IBUs in GIFT IFSC, making the cumulative business in banking vertical cross USD 28 billion. GIFT IFSC has contributed around 11% of total financial services exports of India. Ashu Khullar, CEO Citi India, said, “The IFSC Banking Unit will help us enhance our product offering to our local corporate and MNC clients, by allowing us to seamlessly execute cross-border financing structures specifically for their trade and ECB requirements.”
