Finance Centre in Mumbai may Have a Hub & Spokes Model: CM
Joel .Rebello Mumbai: Maharashtra may look at a hub and spokes model for a new international finance centre (IFC) which could be based in Mumbai, chief minister Devendra Fadnavis said. On Thursday, union minister of state for finance Jayant Sinha chaired a meeting of a panel formed to set up an International Financial Services Centre (IFSC) in the city’s Bandra-Kurla Complex (BKC) business district.
Fadnavis who is on the panel along with ICICI Bank CEO Chanda Kochhar said the panel is thinking on the lines of a financial centre with branches even outside Mumbai’s BKC.
“Even if there is no formal IFC in Mumbai it is still ranked 24th among the world's fi- nancial centres, so Mumbai's feasibility is not a problem. We will need 50 acres and if we need more we can look at a hub and spokes model and scale it up, just like London where the IFC is based not only in one place," Fadnavis said. Last year, Gujarat International Finance Tec-City (GIFT) was launched in Ahmedabad where banks and other financial institutions have already started operations.