Money & Banking

Three international banks to set up shop at GIFT IFSC

Rutam Vora Ahmedabad | Updated on January 16, 2018

India's first International Financial Services Centre at the Gujarat International Finance Tec-City (GIFT City) is likely to house three international banks, which are said to be in advanced talks with the GIFT authorities to set up their operations in the SEZ area.

A top GIFT official informed that apart from three international banks, a few insurance companies and stock exchanges are in the pipeline to set up their operations at IFSC.

Without divulging the names of the prospective banks, Ajay Pandey, Managing Director, GIFT City, said, "The talks are in advanced stages with three international banks and they have started the process of seeking regulatory clearances from India and from their home regulators to set up operations at IFSC."

"The next phase of growth for GIFT IFSC will come from other eco-system players such as insurance and capital markets. Already two of the largest insurance companies from India will soon make their entry. These are General Insurance Corporation of India and New India Assurance Co Ltd have committed space within the city," he told media persons here.

Among the Indian banks that have already started their IBUs include Kotak Mahindra Bank, YES Bank, ICICI Bank, IDBI Bank, IndusInd Bank and SBI.

On the capital market side, Pandey mentioned that the US-based Chicago Mercantile Exchange (CME) through its MoU with India's Multi Commodity Exchange of India (MCX) is also looking to start operations from GIFT IFSC.

Published on September 20, 2016

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