``While commencement of banking operations may take some time, the research unit has already taken off,'' said Aashis Pitale, head of the research and debt trading of the outfit. Pitale left I-Sec to join the new unit.

According to Pitale, the bank will not focus on retail business and will only accept deposits from corporates. The institution, which has invested $10 million for the bank, has plans to bring in more funds in the future, Pitale said. ``We are currently preparing our investment plan," Pitale said, adding that the institution has a plan tobecome one of the highest capitalised investment banker in the country.The immediate business priority will be merchant banking, investment banking, trading of debt instruments including the government securities and forex products.