State-owned Bank of Maharashtra (BoM) announced that it has received approval from the Reserve Bank of India (RBI) to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City. 

This branch will mark BoM's first international branch, conducting offshore banking operations from India. 

GIFT City, located in Gandhinagar, Gujarat, is India’s first IFSC, aligned with the government’s vision of making India a global financial hub. The centre aims to transform the financial ecosystem by offering world-class banking services locally, reducing dependence on offshore financial hubs. 

(millenniumpost)