IFSC at GIFT City crosses $250-million business mark

Three banks which have started operations in the International Financial Services Centre (IFSC) have collectively done transactions worth $250 million, Gujarat International Finance Tec-City (GIFT) said in an emailed statement.

Yes Bank, Federal Bank and ICICI Bank which have started their offshore units in this special economic zone have together issued buyers credit, foreign currency borrowing and other credit facilities worth $250 million in the six months to April even as GIFT now targets to corner a share of the NIFTY derivative trades which are executed through the Singapore Stock Exchange, Ajay Pandey, MD and group CEO at Gift City said.

Read more: Economic Times