ICICI Bank opens a branch at Domestic Tariff Area in GIFT City

Source: Times of India

A new branch of ICICI Bank has been launched in the Domestic Tariff Area (DTA) in GIFT City, the bank announced on Wednesday. This is the first time a private sector bank has started operations in the DTA. The branch is located at the World Trade Centre (WTC) - GIFT City and has an ATM-cum-Cash Recycler Machine (CRM) to provide cash deposit and withdrawal services to customers.

The bank aims to cater to the financial needs of retail customers as well as institutions such as schools, hospitals, companies, and their employees who live and work in the DTA area of GIFT City.

The branch was inaugurated by Tapan Ray, managing director and group CEO, GIFT City in the presence of Rakesh Jha, Executive Director, ICICI Bank.

Ray said, “I am sure the bank will serve the needs of corporates and people working/ residing within GIFT City, living up to the high standards of service delivery, making the ecosystem at GIFT City even more vibrant.”

ICICI Bank has been offering banking solutions for corporate banking, capital markets, treasury, NRI banking, and the start-up ecosystem through its branch in IFSC GIFT City since 2016.

The branch provides Special Non-Resident Rupee Account (SNRR) services tailored for business entities that are registered within the IFSC SEZ area. This account enables IFSC entities to have seamless INR banking solutions such as staff salary, office and administrative expenses of office set-up, and any statutory dues in India.

ICICI Bank has a network of around 470 branches and 1,185 ATMs and cash recycling machines (CRMs) in Gujarat.