Question
Consider the following statements regarding Mashreq
Bank’s entry into GIFT City: 1. Mashreq Bank is the first UAE-based bank to receive in-principle approval to open an International Financial Services Centre Banking Unit (IBU) in GIFT City, Gujarat. 2. The regulatory approval for setting up an IBU in GIFT City is granted by the Reserve Bank of India (RBI). 3. The branch will provide services such as foreign currency loans, trade finance, and treasury solutions. Which of the statements given above is/are correct?Solution
• Statement 1 is correct: Mashreq Bank has become the first UAE-based bank to receive in-principle approval (IPA) to establish an International Financial Services Centre Banking Unit (IBU) in GIFT City, Gujarat. • Statement 2 is incorrect: Regulatory clearance for IBUs in GIFT City is provided by the International Financial Services Centres Authority (IFSCA), not the RBI. • Statement 3 is correct: The GIFT City unit will offer foreign currency loans, trade finance solutions, and treasury/risk management products. Thus, the correct answer is (c) 1 and 3 only.
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