India gives a GIFT to banks with first hub for overseas lending

Gift City India
By Shruti Chaturvedi
22 Sep 2016

Banks are queueing to set up shop in an international financial services hub in India — the first of its kind in the country. Institutions operating there enjoy certain regulatory exemptions, which are expected to give a leg-up to domestic lenders looking to build a foreign currency loan book. Shruti Chaturvedi reports.

The government of India is encouraging financial institutions to begin operations in Gujarat International Finance Tec-City (GIFT City), the country’s first international financial services centre (IFSC).

A number of domestic lenders, some of which have no overseas branches, have rushed to open a unit in GIFT City, including ...

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