Business
IndusInd Bank launches GCC banking vertical
The Hindu BusinessLine··28 Sept
IndusInd Bank launched a dedicated Global Capability Centre banking vertical that groups five core capabilities under one relationship. The suite covers digital banking, employee banking, commercial cards, capital account and FEMA solutions, plus foreign-currency accounts via its GIFT City IBU. India has 2,117 GCCs after 32 percent growth since FY2021, the bank said on Monday.
Prism
What It Means For You
- GCCs get a single relationship covering corporate and employee banking needs.
- Foreign-currency accounts are offered through the bank's International Banking Unit at GIFT City.
- FEMA and capital-account solutions sit inside the same vertical.
What's Happening
- The private bank announced the dedicated GCC vertical on Monday.
- Five named capability areas are bundled under the new model.
- Country Head for Corporate Banking Niraj Shah said GCC banking needs are becoming more nuanced.
Scale of India's GCC base
- The bank cited 2,117 GCCs in India after 32 percent growth since FY2021.
- Centres are described as moving beyond shared services into technology, engineering, analytics, finance and research.
- The launch was also noted in a regulatory filing describing the integrated relationship model.
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