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Feb 15, 2016

Business transactions in GIFT City's IFSC to cross USD 1 billion by June 2016

GIFT City in a press release stated that the business transactions from GIFT IFSC will cross USD 1 billion by June 2016 and business of more than USD 100 million has already been transacted so far.

GIFT Co. Ltd. in its statement said that it expects more than a dozen banks and insurance players to commence operations at GIFT IFSC in the near future. GIFT IFSC is attracting interest from the Indian financial services sector.

"... We expect that the next big milestone of $1 billion business transactions at GIFT IFSC will be achieved shortly" claimed Ajay Pandey, MD & Group CEO of GIFT City in the statement.

Yes Bank and Federal Bank have opened their IFSC Banking Unit (IBU)in GIFT City and have generated this business within 3 months of operations. Yes Bank had set up the IBU in October 2015 year and Federal Bank's IBU started operations in November 2015.

As per the regulations, an IBU at GIFT IFSC is equivalent to a foreign branch of the Bank and facilitates the bank to function as a foreign branch from within India.

Manish Vora, CEO, Yes Bank, IBU Branch stated that the business at IBU is having momentum and the bank expects significant ramp up in volumes in the near future. The IBU is currently focusing to meet the foreign currency banking requirements of its existing clients as well as cater to the requirements of new clients.

Tomy John, vice-president, Federal Bank stated that the IBU has widened the Bank’s geographical presence. Federal Bank through its IBU is able to provide improved business solutions and opportunities to its existing clients. The Bank is in the process of exploring other avenues for international business.

 

 

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