Gujarat zone to ease international market access

Singapore

BANKS are queuing up for licences to open branches at Gujarat International Finance Tec-City (GIFT City), where they will have offshore market access to supply the growing foreign currency needs of Indian companies.

GIFT City is the culmination of Indian Prime Minister Narendra Modi's dream to create an international financial centre in the western state, where he was chief minister from 2001 to 2014.

So far, 10 banks have applied for licences to the Reserve Bank of India (RBI). They include Bank of Baroda, Bank of India, Canara Bank, Corporation Bank, IDFC Bank and RBL Bank, according to a market source.

Yes Bank was the first to get a licence at GIFT City in July last year. ICICI Bank, IDBI Bank, Indusind Bank, Federal Bank and State Bank of India have since also received approvals to open branches. "The GIFT City branch will enable us to cater to domestic companies that need dolla…