Kotak Mahindra Bank Ltd became the fourth bank to open its IFSC Banking Unit (IBU) at India’s first and only International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) City.
- The private sector banking and financial major offers a range of financial services, including transaction banking.
- At IBU, the bank expects a balance sheet of $one billion in the next three years.
- With over $250 million worth of business transactions done at IFSC in the past six months, GIFT is attracting interest from the BFSI sector in India, especially from banks, insurance companies and other financial services players who want to tap the global markets.
Kotak Mahindra Bank :
- Kotak Mahindra Bank is an Indian private sector banking headquartered in Mumbai, Maharashtra, India.
- Founded- 1985
- Uday Kotak- (Founder & Executive Vice Chairman)
GIFT City :
- Gujarat International Finance Tec-City or GIFT is an under-construction central business district between Ahmedabad and Gandhinagar in the Indian state of Gujarat.
- It is a dream project of current Prime Minister of India Narendra Modi. Since assuming office, the Modi Government has fast-tracked the setting up of the city.
- It will be built on 359 hectares (886 acres) of land.
- Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, Bangalore, Gurgaon etc.
- where infrastructure is either inadequate or very expensive.
- It will have a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units.
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