NE BUSINESS BUREAU
MUMBAI, SEPT 14
American banking major Citibank NA (Citi), announced, on Monday that it has received in-principle approval from the Reserve Bank of India (RBI) and GIFT SEZ Authority to open an IFSC Banking Unit (IBU) at GIFT City International Financial Services Centre in Gandhinagar, Gujarat, a release said.
The proposed offshore banking unit marks a significant development in IFSC business and proves GIFT City as a globally competitive international financial services centre, GIFT City said in a statement.
This also marks a milestone for Citi in India, which has been present here for over a century.
Welcoming Citibank to the IFSC, GIFT City Managing Director and Chief Executive Officer Tapan Ray said, “The presence of Citibank further strengthens the foreign bank ecosystem at GIFT IFSC. Government of India has envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore and the presence of Citibank is a testimonial to that vision.”
Commenting on the Bank’s proposed presence at GIFT IFSC, Ashu Khullar, CEO Citi India said, “The IFSC Banking Unit will help us enhance our product offering to our local corporate and MNC clients, by allowing us to seamlessly execute cross-border financing structures specifically for their trade and ECB requirements. This will truly benefit our clients and their growth plans globally and in India. GIFT IFSC will support India’s growth and integration into the world’s trade corridors.”
The banking business at GIFT IFSC has seen a quantum jump in the last few years. 14 banks have set up their IBUs in GIFT IFSC. The cumulative business in banking vertical has crossed $28bn.
