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.