India is in queue of countries providing a pathway for global finance: PM Modi

NEW DELHI: Prime Minister of India Narendra Modi launched the IFSC Banking Unit (IBU) of Deutsche Bank AG at Gift City, Gujarat on July 29. Customers of Deutsche Bank in India and abroad will be able to access all approved international finance products through the IBU. This will make it simpler to acquire cutting-edge technologies that boost operational effectiveness. The GIFT City IBU will allow the bank to offer liquidity in INR to foreign investors and foreign corporations with exposure to India on a 24*7 basis.

PM Narendra Modi also laid foundation stone for the headquarters building of International Financial Services Centres Authority (IFSCA), inaugurated India International Bullion Exchange (IIBX) and connect platform of NSE (National Stock Exchange), IFSC (International Financial Service Centre), and SGX (Singapore Exchange Ltd).

PM Modi in his address said that India’s identity should not remain limited to just a big market, and instead it should be a ‘market maker’, and added that the GIFT City and the institutions launched and inaugurated at the event will play a crucial role in that. He said that GIFT IFSC will become a gateway to global debt and equity for sustainable and climate projects.

Nirmala Sitharaman, Minister of Finance, Government of India and Bhupendra Patel, Chief Minister of Gujarat, were also present at the event at Gift City.