RBL Bank hit a new record high today at Rs.556.50; it has been hitting new highs through this week.

The stock price shot through the roof after it announced opening of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) here.

The leading private sector bank had received an in-principle approval from RBI for setting up IBU in November, 2016. This will give RBL Bank access to international financial markets. RBL Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, bonds etc.).

The IBU will give RBL Bank strategic access to offer a range of financial services including foreign currency funding to resident and overseas entities.