Axis Bank will open an international finance branch at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, its CEO and MD Shikha Sharma said on Saturday.

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"Yes we are planning to open an international finance branch at GIFT City," Sharma said when asked about the bank's plan regarding the GIFT City.

She was here as the chief guest of the 52th convocation of Indian Institute of Management Ahmedabad (IIM-A), in which a total 554 students were convocated yesterday.

Addressing the students earlier in the day, Sharma referred to the recent Income Tax department raids and unearthing of suspicious financial activities at one of Axis Bank branches and said the Bank and she had more than "fair share of public gaze."

"Well Axis Bank, and I as the leader, have had more than our fair share of public gaze too, in the last few months. You can rail against the unfairness of the omnipresent media's judgment of your every act. But that is simply not productive.

"Just remember, the only real armour you have ..Is to always do what you believe to be the right thing to do," she said in her address.

Speaking to media, IIM-A director Ashish Nanda said that the institute board has approved a hike in fee of the institute's flagship post-graduate programme in management (PGP) by 7.75 per cent from the 2017 academic year.

"A hike in fee by 7.75 per cent from 2017 academic year has been approved. The fee for the two-year programme will now be Rs 21 lakhs. We have also increased the seat for post graduate executive management programme from 85 to 120," he said.