Buyer’s Credit Bankers in GIFT City

Banks, financial institutions and exchanges are ready with their set up at the Indian IFSC and many have started doing business

The Indian financial sector is all set to go places once the international financial service centre and SEZ at Gujarat International Finance Tec City (GIFT city) are up and running. Not only will companies find it easier to raise funds, but GIFT can also become a hub for offshore trading of stocks and derivatives once the stock exchange to be set up in this centre becomes operational.

Many banks, including YES Bank, SBI, HDFC Bank and ICICI Bank, have opened subsidiaries in GIFT City.

These Banks will help raise ECBs for joint ventures or wholly-owned subsidiaries of Indian companies. They are also organising buyer’s credit for the corporates.

Earlier, companies/corporates would go to Dubai or Singapore to raise funds but now all of this is happening from India from the IFSC area. This is like an overseas branch for these banks and will function like one.