Two Japanese Banks set to commence operations in GIFT City; Confirms IFSCA Chairman

Gandhinagar: Two additional Japanese banks are poised to set up their branches in the GIFT City, bringing the total number of foreign banks here to 10, said K Rajaraman, the Chairman of the International Financial Services Centres Authority (IFSCA).

Rajaraman emphasized that the IFSCA also desires that Indian-origin funds and businesses situated in other tax-free jurisdictions to return and become part of the thriving GIFT City hub. He shared updates from his recent delegation to Tokyo, revealing that two Japanese banks have already registered in the GIFT City. He also mentioned discussions indicating the potential for more partnerships at the Singapore Fintech Festival held from November 15 to 17, 2023.

Rajaraman highlighted the presence of 78 fund managers overseeing 88 alternative investment funds, 82 funds with a total corpus of USD 90 billion, five insurance companies, and two stock exchanges within the GIFT City. The city aims to establish itself as part of the global financial network, with the Indian government encouraging businesses to participate.

Gujarat Chief Minister with seven senior government officials is going to visit Japan and Singapore during 27 November to 3 December. More is likely to be achieved and announced during his visit ahead of the Vibrant Gujarat Summit which is scheduled to take place in January 2024. Presently MUFG Bank from Japan is already present in GIFT City, while entry of Mizuho and SMBC is likely.

DeshGujarat