Standard Chartered launches operations at IFSC, GIFT City

Source: IBS Intelligence 2020-06-05

Standard Chartered Bank, India, has gone live with the launch of its operations at the International Financial Services Centre (IFSC – special economic zone) within the GIFT City in Gandhinagar, Gujarat, effective June 1, 2020. Standard Chartered mentioned that it is the first foreign bank to commence operations in the IFSC.

The bank has the opportunity to expand its business in trade, lending, financial market transactions and other structured products as approved by the regulators, with its presence in the IFSC GIFT City.

Commenting on the launch of bank’s operations at IFSC, Prakash Subramanian, Head Strategy, Process, Governance Subsidiaries & Chief Vigilance Officer, India, Standard Chartered Bank said, “The value propositions offered at IFSC GIFT City have given us an opportunity to set up our offshore banking unit (OBU) and further enhance our India franchise. The Bank has significant OBU presence in some of its global centres and the IFSC Gift City branch will be added to the Group franchise. Our IFSC Gift City branch will focus on External Commercial Borrowings, Export Trade Finance and Financial Market Products and we will explore other business opportunities when the new IFSC regulations are introduced.”

The bank has stated that over the last few months, the Reserve Bank of India (RBI) has enabled an increasing number of banking products at the IFSC. The opening up of raising liabilities from non-individuals in GIFT City with no tenor restrictions was announced and, the most recent addition was trading in non-deliverable derivative (NDDC) products starting June 1, 2020.

Standard Chartered Bank, India, participated in NDDS and closed multiple non-deliverable forward (NDF) and non-deliverable option (NDO) deals with several private sector banks and a corporate amounting to the volume of over USD100 million on the first day itself.

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Standard Chartered

IFSC

GIFT

Standard Chartered launches operations at IFSC, GIFT City

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