UK-based Standard Chartered will be the 1st foreign bank to launch operations at IFSC GIFT City. The bank has received in-principle regulatory approvals to set up its IFSC Banking Unit in GIFT city, Gujarat.
- The bank is expected to start its operations by this year-end.
- The Gujarat International Finance Tec-City (GIFT City) is envisaged as a hub to bring offshore financial transactions.
- The GIFT city is working with organisations to help build a hub for aircraft leasing and financing within GIFT City.
- The banking business at GIFT IFSC has already seen a 167% jump in just 2 years.
- The cumulative banking transaction has reached USD 22 billion this year while it was $6 billion in 2016-17.
- Data shows that IFSC Banking Units (IBUs) have contributed around 8% of total External Commercial Borrowings (ECBs) availed by Indian corporates in 2017-18 in GIFT IFSC.