NEW DELHI: Six Indian banks and four foreign banks are on the verge of opening offices in Gujarat's GIFT City, a senior official said on Wednesday.
"We expect foreign banks to start operations. 6-7 Indian banks are in the pipeline and four foreign banks are on the verge of opening offices this year," said GIFT city managing director and group CEO Ajay Pandey.
Currently, 11 domestic lenders including SBIBSE 1.03 %, HDFC BankBSE 2.76 %, ICICI BankBSE 1.09 %, Kotak Mahindra BankBSE 0.86 %, Bank of BarodaBSE -0.24 % have opened their businesses at GIFT (Gujarat International Finance Tec-City).
The financial transactions by these banks has crossed $8 billion, Pandey said.
On insurance front, there are 6-7 players operating in the city wherein more than $20 billion of insurance policies have been written.
The city has generated 8,000 jobs and employment is expected to rise 50% year on year.
GIFT city is an integrated development on 886 acres of land with 62 million square feet of built-up area which includes office space, residential, schools and hospitals. It also has a dedicated multi-services special economic zone (SEz) for international operations for the services sector. The SEZ also has a status of India's first International Financial Services Centre (IFSC).
Source: economictimes.indiatimes.com