The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development has submitted its interim report to the Chairperson.
The interim report has focussed mainly on the banking vertical. Other key business verticals such as insurance, asset management, and capital markets, will be covered in reports that the committee plans to release subsequently.
The Expert Committee has been constituted by the IFSCA with an aim to suggest how to develop international retail business in International Financial Services Centre (IFSC) and to provide a roadmap for the future growth of international retail business in IFSC.
IFSCA Chairperson Injeti Srinivas said, “Our focus is to create an attractive location for international financial services and establish GIFT IFSC as a Dominant Gateway for global financial flows into and out of India, and simultaneously emerge as a major global financial hub.”
Becoming a gateway to India growth story for international investors and business, providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC and serving domestic residents availing liberalised remittance scheme are other suggestions of the committee.
There is immense immediate potential to promote international retail business in IFSC, and, Strategy, Standard Chartered Bank), Dipesh Shah (Head-IFSC Dept., GIFT IFSC) and Nitin Jaiswal (Head-Govt Affairs and Strategic Relations, Bloomberg, Asia Pacific).