Bank rose 1.59% to Rs 555.50 at 09:52 IST on BSE after the bank announced opening of IFSC Banking Unit at GIFT City.
The announcement was made after market hours yesterday, 6 April 2017.Meanwhile, the S&P BSE Sensex was down 82.79 points or 0.28% at 29,844.55
On BSE, so far 1.38 lakh shares were traded in the counter as against average daily volume of 3.13 lakh shares in the past one quarter. The stock hit a high of Rs 556.50 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 541.10 so far during the day. The stock had hit a record low of Rs 273.70 on 31 August 2016.
The large-cap bank has equity capital of Rs 375.20 crore. Face value per share is Rs 10.
RBL Bank yesterday, 6 April 2017 announced the opening of its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City). With this, RBL Bank has commenced offshore banking operations from India. GIFT City is India's first global financial hub.
RBL Bank received an in-principle approval from RBI for setting up IBU on 30 November 2016. The IBU will give RBL Bank access to international financial markets and the bank will offer a range of products and services to its clients. RBL Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, Bonds etc.).
RBI has permitted Indian public and private sector banks to open an IBU at GIFT City to undertake foreign exchange transactions with resident and non-resident entities other than individuals. Nonresident firms can raise resources as well as deploy funds in IBU. All IBU transactions are in major global currencies other than Indian rupee.
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RBL Bank's MD & CEO, Vishwavir Ahuja said that the setting up of IFSC Banking Unit (IBU) at GIFT City will give the bank strategic access to offer a range of financial services including foreign currency funding to resident and overseas entities. It will also help the bank's clients to tap into potential growth opportunities globally, Vishwavir Ahuja said.
RBL Bank's net profit rose 58.78% to Rs 128.69 crore on 38.98% growth in net total income to Rs 1143.48 crore in Q3 December 2016 over Q3 December 2015.
RBL Bank is a private sector bank. It currently services over two million customers through a network of 215 branches and 374 ATMs spread across 16 Indian states and Union Territories. The bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations.
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