Citi to open banking unit at GIFT City; receives RBI's in-principle nod

American banking major Citi has received in-principle approval from the Reserve Bank of India (RBI) to open banking unit at GIFT City International Financial Services Centre in Ahmedabad.

The proposed offshore banking unit marks a significant development in IFSC business and proves GIFT City as a globally competitive international financial services centre, GIFT City said in a statement.

This also marks a milestone for Citi in India, which has been present here for over a century.

Welcoming Citibank to the IFSC, GIFT City Managing Director and Chief Executive Officer Tapan Ray said the presence of Citi further strengthens the foreign bank ecosystem at the IFSC.

Ashu Khullar, chief executive of Citi India, said the IFSC banking unit will help enhance the the bank's offering to our local clients by allowing it to execute cross-border financing structures specifically for their trade and externel commercial borrowing requirements.

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