Government-owned Bank of Maharashtra announced on Sunday that it has received the RBI's approval to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City in Gujarat.
Prime Minister Narendra Modi will pay a visit to the Pink City on Tuesday to participate in the state-level function being held at Dadiya village near here to celebrate the first anniversary of the Bhajan Lal Sharma-led BJP government in the state.
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, on Saturday invited Mexican investors to explore opportunities in India's Global In-House Capability Centers (GICCs), aircraft leasing, ship leasing, and even foreign university setups at GIFT-IFSC, which is emerging as a global hub for reinsurance and sustainable finance.
GIFT Nifty recorded all-time high monthly turnover of $100.13 billion in August, setting a new benchmark to the growth story of Indian equity market.
The Union Government has cleared the path for allowing Indian companies to list securities directly at Gujarat International Finance Tec-city International Financial Services Centre (GIFT IFSC) with a minimum 10 per cent public float.
The subsidiary will engage in several financial activities as a finance company within GIFT, including lending, investment, and other services.
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The Union government has allowed direct listing of securities by public Indian companies on International Exchanges of GIFT IFSC.
Union Finance Minister Nirmala Sitharaman on Thursday said India is now driving the growth engine of the world and can become the bridge between the developed Western world and the Global South.
The company said in a regulatory filing on Wednesday that it will make the investment over a period of time and will seek requisite approvals for the same.
