Standard Chartered will become the first foreign bank to launch operations at International Financial Services Centre (IFSC) located in Gujarat International Finance Tec – City (GIFT City).
Standard Chartered has received in-principle regulatory approvals to set up its IFSC Banking Unit (IBU) in GIFT IFSC.
The banking business at GIFT IFSC has seen a 167 per cent jump in two years. The cumulative banking transactions touched $22 billion this year, up from $6 billion in 2016-17.