Private sector lender Yes Bank reported $1 billion on its balance sheet at the IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) as on March 31, 2017. The bank has become the first to achieve milestone of $1 billion mark at the GIFT City.

Since starting its IBU in GIFT IFSC, Yes Bank has executed multiple transactions across key sectors, including agriculture and agri-businesses, affordable housing, media & entertainment, financial institutions, aviation, ports & logistics, manufacturing and telecom among others.

The IBU offers External Commercial Borrowing (ECB) and trade credit to Indian corporate, and foreign currency loans to overseas joint ventures or subsidiaries of Indian companies and other eligible foreign entities including solutions to entities incorporated in GIFT IFSC.

Rana Kapoor, MD and CEO, Yes Bank, said, "Yes Bank is proud to have reached the $1 billion mark. We are committed to further expanding our operations at the IBU and deepen our capabilities as the leading Indian Bank for cross-border trade transactions, External Commercial Borrowings and Foreign currency syndication."