NE NEWS SERVICE
AHMEDABAD, DECEMBER 7
Gujarat Chief Minister Vijay Rupani’s decision-making capability and attracting investments have been appreciated by the Bank of America (BoA), the second largest bank of the US. The bank got approval to establish its global business services centre in the special economic zone (SEZ) of the Gujarat International Finance Tec-City (GIFT City) in just seven minutes.
Twelve years ago, then chief minister Narendra Modi, now Prime Minister had spent just a rupee to send an SMS to Tata Group Chairman Ratan Tata and invited him to set up Nano plant.
“Nowhere in the world we have got approval in seven minutes,” said Kaku Nakhate, India president & country head of BoA. She said that facilities such as the single-window clearance system and an investment facilitation portal, among other expediting amenities, helped the company get necessary approvals swiftly.
The permission, which has paved way for the first foreign bank to start operations at the GIFT City SEZ, was given on September 25 in a meeting held by the GIFT SEZ approval committee. A team from BoA, which was in Gandhinagar then, had applied for setting up a 1,500-seater IT/ITES project to serve its operations in the US, said a government official familiar with the matter.
“In the meeting, chaired by the SEZ development commissioner, a draft of the terms of allotment was handed out to the members and within minutes everyone approved the project,” the official said. “So, a letter of approval was immediately given to the bank.”
Tata Motors’ entry into Sanand made more automakers such as Ford and Maruti Suzuki line up their investments there. Now, officials are hopeful that BoA’s entry into the GIFT City will attract global financial companies.
Chief minister Vijay Rupani, while inaugurating the centre on Friday with Cathy Bessant, the chief operations and technology officer of BoA, said that BoA’s arrival could be a turning point for a large number of businesses in Gujarat. He said it could also boost service sector jobs.
“Our government is keen to develop the GIFT City as a fintech (financial technology) hub not just for India but also for Asia,” Rupani said. The GIFT City houses the country’s first and only international finance services centre (IFSC), which is also located in the SEZ.
Gujarat Chief Minister Vijay Rupani inaugurates the centre on Friday with Cathy Bessant (L), the CO & TO of BoA.
