MUMBAI: Standard Chartered Bank’s India unit on Thursday said it has started operations at the International Financial Services Centre (IFSC - special economic zone) in Gujarat's Gift City (Gujarat International Finance Tec-City). The global bank commenced operations from 1 June.
“Standard Chartered is the first foreign bank to commence operations in IFSC," the bank said in a statement.
The presence in IFSC Gift City gives the bank an opportunity to expand its business in trade, lending, financial market transactions and other structured products as approved by regulators, according to the statement.
“Over the last few months, the Reserve Bank of India (RBI) has enabled more and more banking products at IFSC. They announced the opening up of raising liabilities from non-individuals in Gift City with no tenor restrictions and the most recent addition was trading in non-deliverable derivative (NDDC) products starting 1 June," the bank said.