The banking asset size of GIFT City has grown to USD 36 billion in a short span, said Injeti Srinivas, chairperson of International Financial Services Authority (IFSCA), in Gandhinagar Friday.
“The issuance of this USD one billion bond marks an important milestone. With this issuance, we have crossed the USD 50-billion mark,” said Srinivas, while speaking at the list ceremony of India Exim Bank’s maiden USD one billion, 10-year Sustainability Bond at India INX in GIFT City.
“In the past few years, we have seen a lot of traction (in GIFT City). Initially, people hesitated and there was an inertia. Now, there is a lot of excitement and lots of developments have taken place. Today, we have 23 banks of which 10 are foreign banks. The banking asset size has grown to USD 36 billion in a short span,” the regulator said.
“We find that there is a huge traction in the funds industry. More than 60 funds have set up their presence here. Lots of funds are relocating from Mauritius and Dublin and other such jurisdictions. The commitments of these funds that have been set up is up to USD 12 billion in a short span of less than a year. It is clear evidence that GIFT IFSC is coming of age,” he added.
In order to ensure the development of a financial ecosystem in GIFT City, the regulator has also enabled ancillary industries, audit firms, law firms, custodial services and trusteeship services to come up with other activities.
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