Standard Chartered will be the first foreign bank to launch operations at the International Financial Services Centre (IFSC) in the Gujarat International Finance Tech City (GIFT City). The bank has received in-principle regulatory approval to set up its IFSC Banking Unit. According to Tapan Ray, MD and Group CEO of GIFT City, said the government of India had envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore and with the presence of Standard Chartered, the IFSC ecosystem of India would become formidable.
