The International Financial Services Centres Authority (IFSCA) has amended its circular dated January 17, 2025, concerning the banking business hours for IFSC Banking Units (IBUs). Effective immediately from April 11, 2025, Clause 2 of the original circular has been substituted. The revised clause states that the banking business hours for IBUs will now be from 10:00 a.m. to 5:00 p.m. during working weekdays and working Saturdays. This amendment has been issued by the IFSCA in exercise of its powers under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, aimed at developing and regulating financial activities within the International Financial Services Centres.
International Financial Services Centres Authority
Circular No. F No. IFSCA-FMPP0BR/5/2025-Banking/2 Dated: Date: April 11, 2025
To,
All IFSC Banking Units
Madam/ Sir,
Subject : Amendment to circular dated January 17, 2025 on the subject-‘ list of public holidays and banking business hours for IBUs’
1. Reference may be drawn to circular dated January 17, 2025 on the subject-‘ list of public holidays and banking business hours for IBUs’ (hereafter referred to as ‘Circular’)
2. It is hereby decided to make the following amendment to the Circular:
3. Clause 2 of the Circular shall be substituted by the following, namely:
“The banking business hours of IBUs shall be from 10:00 a.m. to 5:00 p.m. during working weekdays and working Saturdays”
4. This circular is issued in exercise of powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres.”
5. The above circular shall come into effect on immediate basis.
Yours faithfully
Sd/-
(Supriyo Bhattacharjee)
Chief General Manager
Head -Department of Banking
