Standard Chartered will become first foreign bank to launch operations at International Financial Services Centre (IFSC) located at the Gujarat International Finance Tech City (GIFT City).
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GIFT City was one of the dream projects of Narendra Modi when he was the chief minister of Gujarat.
According to sources, the bank has received in-principle regulatory approval to set up to set up its first IFSC Banking Unit.
Tapan Ray, MD and Group CEO of GIFT City, said that government of India had envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore, and with the presence of Standard Chartered, the IFSC ecosystem of India would become formidable now. Ray hoped that this would be an incentive for more international financial institutions to set up their base in GIFT City.
According to official sources, banking business has seen a jump of 167 per cent in two years.
Ray recently took over the mantle from Ajay Pandey, who stepped down.
The GIFT City has been in the news for some time now due to reported slow pace of growth as against what was envisaged when it was set up.
It has been set up by the Gujarat government in joint partnership with Infrastructure Leasing and Financial Services (IL&FS).
In the recent Union Budget, special emphasis has been laid on aircraft financing and leasing. Various other incentives have also been announced.
