The International Financial Services Centres Authority (IFSCA) on July 10, 2023, issued the IFSCA Banking Handbook GEN Direction-Version 4.0.
The following has been stated namely: -
• The handbook contains the directions of the Authority to the Banking Units (BUs) operating as a branch of a Banking Company.
• The Handbook has three components namely: -
1. General directions
2. Conduct of Business directions
3. Prudential Directions applicable to Bus
• The IFSCA Banking Handbook shall apply to all IBUs
• The Banking company desirous of opening an IBU shall apply to the Authority for a Licence by: -
1. Completing the form prescribed in Annex 1 and filing the Application Form with the Authority accompanied by such documents as are specified in the Form
2. Providing the information required in Annex 2 such further information as the Authority may require
3. Paying the fee prescribed in by the Authority
