09 May 2016 Current Affairs: A conservative estimate suggests that around $50 billion worth of international business is conducted outside the country annually in the absence of an IFSC. We are confident that at the pace at which we are progressing , in the next few years, GIFT City will be able to retain a lot of this business which is now going out .GIFT City has made allotments of over 15 million sq ft built up area in the SEZ and non-SEZ area for office towers, residential apartments and social facilities to be developed at an estimated total investment of over Rs 10,000 crore. Over the past six months, over USD 250 million worth of business transactions were conducted at GIFT City.
Kotak Mahindra Bank opened its branch at the IFSC, becoming the fourth bank to open its IFSC banking unit at the Gujarat International Finance Tec-City (GIFT City). Yes Bank, Federal Bank and ICICI Bank have been operating branches at the IFSC for several months now.
An international banking unit allows a domestic bank to deliver a complete range of products to its clients with foreign currency funding requirements. The IFSC was launched in April, 2015.
IDBI Bank : IDBI Bank is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry.It is currently 10th largest development bank in the world in terms of reach, with 3310 ATMs, 1846 branches, including one overseas branch at Dubai, and 1377 centers. It is one of 27 commercial banks owned by the Government of India.The Bank has an aggregate balance sheet size of INR 3.56 trillion as on 31 March 2015.