SBI plans to set up subsidiary in IFSC Gift City

State Bank of India (SBI), the largest public sector lender in the nation by market capitalization, recently announced plans to establish a subsidiary in Gandhinagar's IFSC Gift City.

The State Bank of India has announced its intention to establish a subsidiary through SBI Funds Management in Gandhinagar's IFSC Gift City. The higher authorities have given approval to this proposition. However, the beginning of it actually depends on getting the required regulatory approvals.

The idea is to establish an entirely new company on the grounds of IFSC Gift City. The location is significant in financial terms. Although permission has been granted to move forward, final authorization depends on following regulatory protocols.

Through this endeavor, SBI aims to broaden its financial services horizons and enhance its current offers. The initial endorsement has been secured, but in order to carry out the plan fully, the necessary regulatory standards must be met. The move aligns with the broad trend of financial institutions exploring an opportunity in Gandhinagar's IFSC Gift City.

Source: Media Reports