Punjab & Sind Bank Ventures into Global Finance at GIFT City

The Reserve Bank of India has granted Punjab & Sind Bank the green light to establish a new branch in the International Financial Services Centre (IFSC) located at GIFT City, Gandhinagar, Gujarat. This development is part of the bank's strategic initiative to expand its global footprint in the financial services sector.

GIFT City is recognized as India's foremost international financial hub, offering a world-class ecosystem for handling cross-border financial transactions, international trade finance, offshore banking, and capital market activities. Punjab & Sind Bank aims to capitalize on this globally competitive platform to bolster its foreign currency lending, trade finance, treasury operations, and international banking capabilities.

According to the bank's MD and CEO Swarup Kumar Saha, setting up a branch at GIFT City is a pivotal step in realizing the bank's long-term vision of penetrating the international market. This move will help the bank better serve corporate and institutional clients, offer competitive foreign currency solutions, and aid in India's goal to become a global financial powerhouse. The initiative aligns with the bank's focus on sustainable growth, innovation, and value creation.