Banking in Gift City

Authors

  • Manisha Khuntia Assistant General Manager, International Financial Services Centres Authority GIFT City, Gandhinagar

Keywords:

No Keywords.

Abstract

The Banking ecosystem is not only the cornerstone of the GIFT IFSC but also one of its most thriving financial services. The IFSCA (Banking) Regulations, 2020 and the IFSCA Banking Handbook lay down the comprehensive principle-based regulatory framework for banking business in GIFT IFSC. This enabling framework is benchmarked with best global standards and practices and has been a game changer in the road map of banking business in GIFT IFSC, resulting in an impressive growth of total banking asset size from $14 bn. in September 2020 to $60 billion in March, 2024. As India is evolving towards its 2047 goal of ‘Viksit Bharat’, IFSCA is determined to develop the GIFT IFSC as an international nerve centre for Banking activity.

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Published

2024-08-23

How to Cite

Khuntia, M. (2024). Banking in Gift City. The Management Accountant Journal, 59(8), 72–74. Retrieved from https://icmai-rnj.in/index.php/maj/article/view/173629

Issue

Volume 59, Issue 8, August 2024

Section

SUSTAINABILITY LEAF

References

The International Financial Services Centres Authority Act, 2019

The IFSCA (Banking) Regulations, 2020 (as amended)

General Directions, Conduct of Business Directions, Prudential Directions, IFSCA Banking Handbook (latest versions)

IFSCA Bulletin, Jan-March, 20245

Reserve Bank of India A.P. (DIR Series) Circular no. 15, dated July 10, 2024 - Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

IFSCA official website - https://ifsca.gov.in/