IFSC at GIFT City crosses $250-million business mark
MUMBAI: Three banks which have started operations in the International Financial Services Centre (IFSC) have collectively done transactions worth $250 million, Gujarat International Finance Tec-City (GIFT) said in an emailed statement.
Yes Bank, Federal Bank and ICICI Bank which have started their offshore units in this special economic zone have together issued buyers credit, foreign currency borrowing and other credit facilities worth $250 million in the six months to April even as GIFT now targets to corner a share of the NIFTY derivative trades which are executed through the Singapore Stock Exchange, Ajay Pandey, MD and group CEO at Gift City said.
Besides the three banks mentioned above State Bank of India, Punjab National Bank, Corporation Bank, Kotak Mahindra Bank, IDBI Bank and IndusInd Bank will begin operating at GIFT IFSC in the next few months, the company said.
“After crossing the US$ 250 million business mark at GIFT IFSC, the next target is US$ 500 million and then the US$ 1 billion mark in coming months. After banks, we expect a few insurance companies to start operations soon at GIFT IFSC,” Pandey said.
In the first phase over 14 million square feet of built up area has been allowed in the GIFT SEZ and Non-SEZ area for development of office towers, residential apartments and social facilities. The second phase envisages a built-up area of 1.32 million square feet.
Some local banks like Bank of India, Syndicate Bank, Gujarat State Co-operative Bank and Janalakshmi Bank have also begun normal banking operations outside the SEZ.