Standard Chartered to become a first foreign bank to set up units in Gujarat’s GIFT City

By: |
July 19, 2019 2:26 AM

The proposed commencement of IBU marks a significant development in India’s IFSC business and proves GIFT’s mettle as a globally competitive international financial centre.

Standard Chartered, foreign bank, Gujarat, GIFT City, Gujarat International Finance Tec City, industry newsThe institution has received in-principle regulatory approvals to set up its IFSC banking unit (IBU) in GIFT IFSC. (Reuters Photo)

Standard Chartered is set to become the first foreign bank to launch operations at International Financial Services Centre (IFSC) located in Gujarat International Finance Tec-City (GIFT City).

The institution has received in-principle regulatory approvals to set up its IFSC banking unit (IBU) in GIFT IFSC. The proposed commencement of IBU marks a significant development in India’s IFSC business and proves GIFT’s mettle as a globally competitive international financial centre.

Tapan Ray, MD & Group CEO, GIFT City, said: “It is a momentous occasion for us to host Standard Chartered at GIFT IFSC. The Centre had envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore, and with the presence of StanChart, the IFSC ecosystem will become more formidable now. In addition, the announcements made in the Union Budget provided the much-needed impetus to take GIFT on a fast-track mode. This would definitely incentivise more international financial intuitions to set up their base in GIFT City.”

The banking business at GIFT IFSC has seen a 167% jump in just two years. The cumulative banking transactions hit $22 billion this year against $6 billion in 2016-17.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1DCB Bank profit rises 13pc to Rs 78 cr in January-March
2Provisions for MFI loan write-offs lead Bandhan Bank to post 80% drop in Q4 net
3Adani Group deploys resources for Covid fight, procures 48 oxygen carrying tanks