Fi­nance Cen­tre in Mum­bai may Have a Hub & Spokes Model: CM

The Economic Times - - Companies - @times­group.com

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.

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