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The RBI says in a notification that minimum capital of $20 million or equivalent in any foreign currency will now apply to parent bank of IBU in the home country instead of IBU itself
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Updated : May 18, 2018, 06:10 AM IST
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Gujarat International Finance Tec City (GIFT City) got a shot in the arm as national banking regulator The Reserve Bank of India (RBI) on Thursday relaxed norms for IFSC Banking Units (IBUs).
The RBI said in a notification that minimum capital of $20 million or equivalent in any foreign currency will now apply to parent bank of IBU in the home country instead of IBU itself.
However, the minimum prescribed regulatory capital, including for the exposures of the IBU, shall be maintained on an on-going basis at the parent level as per regulations in the home country and the IBU shall submit a certificate to this effect obtained from the parent on a half-yearly basis to RBI.
The parent bank will be required to provide a Letter of Comfort for extending financial assistance, as and when required, in the form of capital or liquidity support to IBU. The move is expected to expedite entry of more foreign multinational banks at GIFT City, the only International Financial Services Centre (IFSC) in India.
