Indian Overseas Bank Secures IFSCA Licence for GIFT City Branch
The new branch will be established at GIFT City in Gandhinagar, Gujarat.
This licence enables IOB to offer specialized international banking services, facilitating foreign currency transactions and global trade solutions.
This move aligns with India's ambition to position GIFT City as a premier international financial hub competing with global hubs like Singapore and London.
Key Facts / Static GK
The headquarters of IFSCA is located at GIFT City, Gandhinagar, Gujarat.
Indian Overseas Bank (IOB) is a major public sector bank headquartered in Chennai, India.
Practice Quiz — 3 June 2026
Q1. Who has been elected as the President of the 81st session of the United Nations General Assembly (UNGA), representing the Asia-Pacific regional group?
Q2. In the context of the transition from WPI to PPI, which of the following statements is correct regarding the Producer Price Index (PPI)?
Q3. Consider the following statements regarding the launch of UPI in Cambodia: 1. Indian tourists can make payments in Cambodia by scanning Bakong's KHQR codes. 2. The initiative is powered by a collaboration between NPCI International Payments Limited (NIPL) and ACLEDA Bank Plc. Which of the statements given above is/are correct?
Q4. Who has been appointed as the head of the one-member inquiry committee to investigate the procurement of services for CBSE's On-Screen Marking (OSM) system?
Q5. Which public sector bank recently secured a licence from the International Financial Services Centres Authority (IFSCA) to establish its branch at GIFT City, Gujarat?
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