(2) YES Bank on 27 October2015 announced commencementof operations of its IFSCBanking Unit (IBU) at thecountry’s first IFSC coming upat the Gujarat InternationalFinance Tec-City (GIFT). Fourmore banks, State Bank of India,IDBI Bank, IndusInd Bankand Federal Bank, have receivedfinal approval from theRBI for commencing IBU operations.