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During Prime Minister Narendra Modi’s visit to GIFT City on Friday, International Financial Services Authority (IFSCA) will sign memorandums of understanding (MoUs) with regulatory authorities of Singapore, Luxembourg, Qatar and Sweden.
Besides launching the India International Bullion Exchange, NSE-SGX Connect and laying the foundation stone for new building for IFSCA, PM Modi will also oversee the setting up of the Indian Regional Office of the New Development Bank at GIFT City that will be headed by Director General DJ Pandian, a retired IAS officer of Gujarat cadre. An announcement in this regard was made in May 2022.
Three international banks, including Deutsche Bank, JP Morgan Chase Bank and MUFG Bank, are expected to announce beginning of operations of IFSC Banking Units (IBU) in GIFT City. Announcement will also be made on increasing the capacity of Bank of America’s global in-house centre. PM Modi will be accompanied by Finance Minister Nirmala Sitharaman and Chief Minister Bhupendra Patel.
The Association of National Exchanges Members of India (ANMI) and the Commodity Participants Association of India (CPAI) will also sign Letter of Intent on behalf of 100-odd brokers and dealers who will begin operations in GIFT-IFSC.
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