GIFT Crosses $250m Mark in Biz By 3 Banks
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.