Indian Overseas Bank (IOB) has received a licence from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) at GIFT City in Gujarat.
The approval marks a significant step in the bank's efforts to expand its international banking operations and presence within India's global financial hub.
The development follows the Reserve Bank of India's earlier approval granted in December 2025 for setting up the banking unit.
According to the bank's exchange filing, IFSCA granted the licence through its communication dated June 1, 2026, allowing Indian Overseas Bank to establish an IFSC Banking Unit as a branch at GIFT IFSC, Gujarat.
With the latest approval, the bank can now proceed with establishing its operations within the International Financial Services Centre.
The bank stated that the licence granted by IFSCA carries perpetual validity and will remain subject to the terms and conditions prescribed by the regulator from time to time.
The approval is expected to support IOB's international banking activities and provide access to opportunities within the GIFT City financial ecosystem.
GIFT City has emerged as India's premier international financial services hub, attracting banks, financial institutions and capital market participants.
The establishment of an IFSC Banking Unit is expected to enhance Indian Overseas Bank's ability to serve offshore banking, trade finance and international business requirements.
Read More: Indian Overseas Bank Share Price in Focus; Board Approves ₹5,000 Crore Equity Capital Raise Plan!
As of 03 June 2026, at 11:09 AM, Indian Overseas Bank share price is trading at ₹32.65 per share, reflecting a decline of 0.52% from the previous closing price.
The receipt of the IFSCA licence enables Indian Overseas Bank to establish its IFSC Banking Unit at GIFT City, strengthening its international banking footprint and positioning the bank to participate in the growing financial services ecosystem at India's global financial centre.
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Published on: Jun 3, 2026, 12:03 PM IST
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