SBI to invest Rs 200 crore to shift Gujarat regional HQ to GIFT City

The State Bank of India has decided to shift its 60-year-old local head office from Lal Darwaza in Ahmedabad to Gujarat International Finance Tec-City (GIFT) in Gandhinagar. On Monday, the foundation stone of SBI’s new office building was laid by CM Vaijay Rupani in presence of SBI chairperson Arundhati Bhattacharya. As part of its move, the largest public sector lender in India will be investing Rs 200 crore to set up office and residential properties in GIFT. The SBI has also formally begun operating its IFSC banking unit (IBU) in the country’s first International Financial Services Center (IFSC) in GIFT SEZ. “We were allocated land in GIFT City two years back, and we are constructing a 14-storey building with 2 lakh sq ft space,” the SBI chief said at the ground-breaking ceremony.

Read more: Economic Times