An IFSC caters to customers outside the jurisdiction of the domestic economy. Commercial banks are allowed to open offshore banking units. An IFSC banking unit (IBU) allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements. For most purposes, the IFSC Banking Units (IBU) will be treated on par with a foreign branch of an Indian bank, like the application of prudential. All transactions of these banks are to be in currency other than INR, and IBUs would operate and maintain balance sheet only in foreign currency, except a Special Rupee Account to defray administrative and statutory expenses. Click here to read the Mint ePaper Mint is now on Ifsc banking unit full form. Indian Railways railway lines pass the city on the east and west sides; the closest stations are in Dabhoda and Naroda. Abc Medium. Internet Not Available. Views Read View source View history.