Federal Bank crosses USD 200 mn in total business at IFSC

Kerala-based Federal Bank has crossed USD 200 million in total business at its IFSC Banking Unit (IBU) in Gift City, Gujarat, the bank said here today.
Federal Bank commissioned its IFSC Banking Unit (IBU) in India's first International Financial Service Centre (IFSC) in GIFT City (Gujarat) in 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.
"As part of its effort to fund diverse business ventures, the Bank raised foreign currency funds by way of Bi-lateral loans/borrowings from the Banks across the world.

Federal Bank -IBU has executed transactions in various segments such as Manufacturing, Metals, Media & Entertainment, Health care, Electricals etc," the bank said in a release here.
"The GIFT city IBU is a strategic addition to our business," it added.