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Informist, Tuesday, Oct. 15, 2024

--Bank of Maharashtra: In talks with regulator for GIFT City licence soon 

MUMBAI – Bank of Maharashtra is in talks with the Reserve Bank of India for a licence to commence operations in Gujarat International Finance Tec-City, the bank's management said during an analyst call Tuesday. The lender has also expressed its interest in issuing external commercial borrowings and partaking in some global syndications. 

"We have submitted our request with the regulator, and we will be in discussion with the regulator and pursuing our case with them to give us the GIFT City licence as early as possible." Nidhu Saxena, managing director of the bank said in the call. "With GIFT City formal application already lodged with the regulator, no sooner this approval is granted for opening the outlet, we would be ready with our plan in terms of man-power and the strategy going forward to grow business through GIFT City," he added.

On Tuesday, the bank announced its earnings for the quarter ended September. It reported a net profit of INR 13.27 billion, up 44.2% on year, and the net interest income of the bank grew 15.4% to INR 28.07 billion in Jul-Sept. Tuesday, shares of the bank closed 0.22% higher at INR 54.32 on the National Stock Exchange.  End

Reported by Siddhi Chauhan

Edited by Deepshikha Bhardwaj

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