GIFT Crosses $250m Mark in Biz By 3 Banks

The Economic Times - - Economy: Macro, Micro & More - Joel.Re­bello@ times­

Mum­bai: In­dia’s first in­ter­na­tional fi­nan­cial ser­vices cen­tre at Gu­jarat In­ter­na­tional Fi­nance Tec-City has crossed the $250 mil­lion mark in col­lec­tive busi­ness by the three banks that have started their off­shore units in this spe­cial eco­nomic zone.

Yes Bank, Fed­eral Bank and ICICI Bank to­gether is­sued buy­ers credit, for­eign cur­rency bor­row­ing and other credit fa­cil­i­ties worth $250 mil­lion ear­lier this month, GIFT City said in an emailed state­ment.

GIFT is now eye­ing a share of the Nifty de­riv­a­tive trades which are ex­e­cuted through the Sin­ga­pore Stock Ex­change, GIFT City group CEO Ajay Pandey said.

State Bank of In­dia, Pun­jab Na­tional Bank, Cor­po­ra­tion Bank, Ko­tak Mahin­dra Bank, IDBI Bank and In­dusInd Bank will be­gin op­er­at­ing at the fi­nan­cial ser­vices cen­tre, GIFT City said.

“Af­ter cross­ing the $250 mil­lion busi­ness mark at GIFT IFSC, the next tar­get is $500 mil­lion and then the $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, more than 14 mil­lion square feet of built-up area has been al­lowed to come up in the 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 sq ft. Some do­mes­tic banks such as Bank of In­dia, Syn­di­cate Bank, Gu­jarat State Co-op­er­a­tive Bank and Janalak­shmi Bank have be­gun nor­mal bank­ing oper­a­tions out­side the SEZ.

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