New Delhi: GIFT IFSC is emerging as a growing international financial centre, with its banking units playing a significant role in channelling foreign-currency deposits into financing, Kotak Mahindra Bank founder Uday Kotak said.
"This signifies GIFT's emergence as a growing International Financial Centre," Kotak said, highlighting the strong performance of GIFT IFSC banking units in funding deposits raised under the Reserve Bank of India's special swap facility.
Kotak was reacting to a post by the International Financial Services Centres Authority (IFSCA) on X, which highlighted the performance of International Financial Services Centres (IFSC) Banking Units (IBUs) in supporting foreign-currency mobilisation and financing.
"Excellent performance by GIFT IFSC banking units funding $52 bn of the $127 bn FCNR(B) deposits raised under RBI swap facility. This signifies GIFT's emergence as a growing International Financial Centre," Kotak said.
