May 12, 2023
Introduction:
Gujarat International Finance Tec-City (GIFT City) has become an attractive hub for India’s financial industry thanks to its status as an IFSC and Global Financial Hub. Public sector banks are considering relocating their international operations to this growing financial hub as the country attempts to improve its standing in the global economy. The implementation of this plan might significantly increase India’s standing as a worldwide power in the banking sector.
GIFT City: A Growth Catalyst
The Government of India envisioned GIFT City in Gandhinagar, Gujarat, to be a global financial and IT services hub. It was founded in 2007 and provides a thriving environment for banks, insurance companies, asset management businesses, and other financial service providers.
Tax incentives, a solid regulatory framework, and streamlined procedures have all contributed to the IFSC’s meteoric rise in popularity in the city. It intends to establish an offshore financial center within Indian territory so that Indian businesses can engage in international trade without having to set up shop in another country. Several companies, both domestic and international, have located in GIFT City because of this distinctive selling point.
Why We Need to Merge:
Indian public sector banks have an extensive overseas network of branches and subsidiaries. However, there are a number of challenges and expenses associated with managing companies in other countries.
