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Punjab & Sind Bank Receives RBI Approval to Set Up IFSC Banking Unit at GIFT City
Punjab & Sind Bank (PSB) has received official permission from the Reserve Bank of India (RBI) to establish an IFSC Banking Unit (IBU) at GIFT City, Gujarat. The approval, communicated via an RBI letter dated January 27, 2026, allows the bank to enter the international financial services ecosystem. This strategic move enables PSB to engage in offshore banking, foreign currency lending, and international trade finance. By setting up operations in India's premier financial hub, the bank aims to diversify its revenue streams and enhance its global service capabilities.
Key Highlights
RBI granted permission via letter Ref: DOR. LIC. No. S8074/23.13.004/2025-26 dated January 27, 2026.
The bank will set up an IFSC Banking Unit (IBU) in GIFT City, Gujarat.
The expansion allows the bank to tap into international banking and foreign currency-denominated transactions.
Move aligns with the bank's strategy to modernize and compete with larger public and private sector peers.
💼 Action for Investors
Investors should view this as a positive long-term strategic development that opens new growth avenues. Monitor the bank's capital allocation and timeline for operationalizing the GIFT City unit.
Punjab & Sind Bank Reports Potential Strike by UFBU on January 27, 2026
Punjab & Sind Bank has been notified by the United Forum of Bank Unions (U.F.B.U.) regarding a nationwide strike scheduled for January 27, 2026. The strike is centered on various union demands and may lead to significant disruptions in branch and office operations. While the bank is implementing measures to maintain services, the materialization of the strike could impact daily transaction processing. Such events are relatively common in the PSU banking sector and typically result in short-term operational hurdles rather than long-term financial damage.
Key Highlights
Strike notice served by United Forum of Bank Unions (U.F.B.U.) for January 27, 2026
Potential for widespread disruption of branch and office functioning across India
Bank is taking necessary steps to ensure smooth functioning of operations during the period
Disclosure made under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
💼 Action for Investors
Investors should monitor the situation for any extension of the strike beyond the single day. Short-term volatility may occur, but the primary focus should remain on the bank's asset quality and quarterly earnings.