PM Modi to visit India's first International Financial Services Centre in Gujarat
Jul 27, 2022
New Delhi [India], July 27 : Prime Minister Narendra Modi will visit India's maiden International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) on Friday.
Gujarat Chief Minister Bhupendra Patel, Union Finace Minister Nirmala Sitharaman, Gujarat Finance Minister Kanubhai Desai, Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad will also be present at the occasion.
Prime Minister will lay the foundation stone of IFSCA Headquarters building, launch the India International Bullion Exchange (IIBX) and NSE IFSC-SGX Connect.
PM Modi will also oversee announcements regarding several milestones related to GIFT-IFSC, instituted under the regulatory initiatives of IFSCA.
According to IFSC Authority, these milestones include the exchange of Memorandum of Understanding (MoU) by IFSCA with regulatory authorities in Sweden, Luxembourg, Qatar and Singapore, to strengthen inter-regulatory cooperation. In addition, an MoU with the Department of Space, Government of India will also be exchanged to explore possibilities of convergence between FinTech and SpaceTech.
Further, there will be the announcement of the setting up of the Indian Regional Office (IRO) by the New Development Bank (NDB) in GIFT-IFSC. The IRO will be the face of NDB in Indian sub-continent to identify projects with strong development impact and assist government institutions in capacity building.
An announcement will be made regarding the commencement of operations of IFSC Banking Units (IBUs) of three leading multinational banks, namely, Deutsche Bank AG, JP Morgan Chase Bank and MUFG Bank as well as the capacity expansion of Bank of America's Global In-house Centre (GIC) in GIFT-IFSC.
A release said announcement will be made regarding the operationalisation of International Trade Financing Services (ITFS) platforms by four firms under the Regulatory Sandbox of IFSCA. Apart from bringing global trade financing activities to GIFT-IFSC, these platforms will improve the access of Indian MSMEs and other firms to global trade financing avenues that will help them turn into growth engines of India's foreign trade.
Moreover, an announcement regarding regulatory authorisations to inaugural set of five FinTech firms under IFSCA's framework for FinTech Entities in GIFT-IFSC will be made. These FinTech Entities will work towards finding innovative solutions in areas such as AgriTech, InsurTech, QuantumTech, Digital Identity and Blockchain-based business solutions.
Announcement of a joint letter of intent by the Association of National Exchanges Members of India (ANMI) and Commodity Participants Association of India (CPAI) on behalf of over 100 Broker-Dealers for setting up operations in GIFT-IFSC will be. This will further strengthen the capital markets ecosystem in GIFT-IFSC.
There will be the 75th listing of bonds on India INX Stock Exchange in celebration of Azadi ka Amrit Mahotsav.
The International Sustainability Platform (ISX) which is aimed at channelising capital flows to meet the funding requirements of corporates, governments and institutions in India and other parts of the world, related to climate and UN Sustainable Development Goals will be launched during the occasion.
