RBL Bank gets in-principle nod to start operations from GIFT City

Private sector lender RBL Bank has received an in-principle approval from the Reserve Bank of India (RBI) to open global financial services centre at GIFT City.

RBL Bank said it had applied for an approval from the RBI to open a international financial services centre banking unit at the Gujarat International Finance Tech-City (GIFT City).

"In this regard,...the RBI vide its letter dated November 30, 2016 has granted in-principle approval for the aforesaid," the bank said in a regulatory filing.

GIFT City, India's first International Financial Services Centre (IFSC) was opened in April 2015.

The regulations governing GIFT City are aimed at creating a vibrant IFSC on the lines of those in Dubai and Singapore and check the flight of trading in rupee and Indian securities to such offshore financial hubs.

Several banks including State Bank of India (SBI), Kotak Mahindra Bank, ICICI Bank and YES Bank have started their international operations from GIFT City.