“The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider,” Kumar said.
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country’s only operational international financial services centre.
The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected to help develop the GIFT City ecosystem further by enabling and promoting a greater number of use cases within the IFSC.
While inaugurating the IFSC Banking Unit at GIFT City last year, the bank had set an ambitious target of touching a business of USD 1 billion in the first year of operation with equal distributions of advances. The IBU surpassed the target of USD 1 billion as of March 2024 and is well poised to further contribute to the IBU’s growth in the coming years. For this fiscal, the IBU has set a target of achieving 50 per cent business growth over the previous year. Through the IBU at GIFT SEZ, the bank offers a range of global banking solutions such as External Commercial Borrowing (ECBs), Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting & Distribution), Foreign Currency deposit account -Current & Term Deposits to Corporates and Retail customers – NRIs & foreign nationals.
The bank offers the advantage of being situated in Indian geography with competitive pricing and quick processing from a highly experienced team.
The bank aims to shortly offer digital banking facilities through transaction-based internet banking facilities to various clients allowed as per IFSCA guidelines.