IOB secures IFSCA license for GIFT City branch
1 min readIndian Overseas Bank announced on Tuesday that the International Financial Services Centres Authority (IFSCA) issued a licence on June 1 for the public‑sector bank to open a branch at GIFT City, Gujarat. The licence allows the bank to engage in offshore banking and foreign‑currency activities.
The licence is valid indefinitely, subject to any terms and conditions that IFSCA may impose,” IOB stated in its exchange filing.
In December 2025, the Reserve Bank of India cleared IOB to set up an International Financial Services Centre Banking Unit at GIFT City, Gujarat.
This follows the bank’s board‑approved plan, announced in May, to raise ₹5,000 crore of fresh capital. The board authorised an equity raise of up to ₹5,000 crore (including any premium) through a follow‑on public offering, rights issue, qualified institutional placement, or any other permissible method, alone or in combination.
Published on June 2, 2026
