CURRENT AFFAIRS

Detailed explanation-1: -The Honourable Prime Minister, Shri Narendra Modi, today launched the IFSC Banking Unit (IBU) of Deutsche Bank AG at Gift City, Gujarat.

Detailed explanation-2: -Ship leasing will start soon. In July, JPMorgan and Deutsche Bank AG started operations in GIFT City. JPMorgan will initially offer clients foreign exchange derivatives and wants to leverage its position as one of the largest suppliers of physical bullion in the country.

Detailed explanation-3: -Prime Minister, Shri Narendra Modi, has launched the IFSC Banking Unit (IBU) of Deutsche Bank AG at Gift City, Gujarat. The IBU will provide all approved international financing products to Deutsche Bank’s clients in India and overseas, providing access to solutions that help improve business efficiencies.

Detailed explanation-4: -Clearly, international banks are spotting a strategic opportunity to serve domestic and international clients from GIFT IFSC. The Bank of America Corporation, a US-based multinational investment bank and financial services company, was among the early entrants into GIFT City, having set up a delivery centre in the SEZ.

Detailed explanation-5: -Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”). It is being developed as a global financial services hub.