The full form of FU in banking, particularly within the context of International Financial Services Centres (IFSC), is Finance Unit.
In the context you've provided, a Finance Unit (FU) refers to a subsidiary or branch of a larger financial institution (Finance Company or FC) that is established within an IFSC. These units operate under specific regulations and guidelines set by the relevant regulatory authority, like the International Financial Services Centres Authority (IFSCA). The reference document discusses the application process for setting up either a Finance Company (FC) or a Finance Unit (FU) at an IFSC.
