Punjab & Sind Bank has received the licence from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) at GIFT City, Gandhinagar.

This marks a step in the bank's journey towards expanding its international banking presence and offering world-class offshore banking services, the state-owned lender said in a statement.

The IBU will cater to the financing needs of corporate, financial institutions, importers and global investors through a range of foreign currency banking, trade finance and other international financial services, it added.