Current Affairs

StanChart to be 1st Foreign Bank to Launch Operation at GIFT City

Current context: UK-based Standard Chartered will be the 1st foreign bank to launch operations at IFSC GIFT City
StanChart to be 1st Foreign Bank to Launch Operation at GIFT City
  • The bank has received in-principle regulatory approvals to set up its IFSC Banking Unit in GIFT city, Gujarat
  • The bank is expected to start its operations by this year-end
  • The Gujarat International Finance Tec-City (GIFT City) is envisaged as a hub to bring offshore financial transactions
  • The GIFT city is working with organisations to help build a hub for aircraft leasing and financing within GIFT City
  • The banking business at GIFT IFSC has already seen a 167% jump in just 2 years
  • The cumulative banking transaction has reached $22 billion this year while it was $6 billion in 2016-17
  • Data shows that IFSC Banking Units (IBUs) have contributed around 8% of total External Commercial Borrowings (ECBs) availed by Indian corporates in 2017-18 in GIFT IFSC

Question: 

Q.1 Which is the 1st foreign bank to launch operations at IFSC GIFT City, Gujarat?
a. Abu Dhabi Commercial Bank
b. Bank International Indonesia
c. Standard Chartered
d. Antwerp Diamond Bank
StanChart to be 1st Foreign Bank to Launch Operation at GIFT City StanChart to be 1st Foreign Bank to Launch Operation at GIFT City Reviewed by Neha Verma on July 19, 2019 Rating: 5

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