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StanChart opens at GIFT City

Standard Chartered Bank, India has launched its operations at the International Financial Services Centre (IFSC – special economic zone) within the GIFT City in Gandhinagar, Gujarat. It is the first foreign bank to commence operations in IFSC. Over the last few months, the Reserve Bank of India has enabled more and more banking products at IFSC. It 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. Standard Chartered Bank, India, had  participated in NDDC and successfully closed multiple non-deliverable forward (NDF) and non-deliverable option (NDO) deals with several private sector banks and a corporate amounting to volume of more than $100 million on the first day itself. 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 the bank an opportunity to set up its offshore banking unit and further enhance its India franchise. The IFSC Gift City branch will focus on External Commercial Borrowings, Export Trade Finance and Financial Market Products and will explore other business opportunities when the new IFSC regulations are introduced, he added.

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