Singapore s largest bank, DBS Bank Ltd, has opened its new IFSC Banking Unit (IBU) in India. The new unit, situated in the Gujarat International Finance Tec-City, will cater to corporate banking services and foreign currency-denominated loans including external commercial borrowings and trade finance products.
The SBI chairman said that the bank has identified few high-value stressed accounts that will be transferred to the National Asset Reconstruction Company Ltd (NARCL) this financial year.
The Reserve Bank of India said it is proposing to permit banks with IFSC banking units to offer non-deliverable forex derivative contracts involving the Indian rupee to resident users in the onshore market.