CURRENT AFFAIRS

Detailed explanation-1: -Deutsche Bank proposes to commence its business in Gift City with credit facilities for corporate clients and will provide a suite of products across Trade Finance, Fixed Income & Currencies initially.

Detailed explanation-2: -Institutions such as Standard Chartered Bank, Hongkong & Shanghai Bank Corporation Ltd, Citibank NA, Barclays Bank, Deutsche Bank, and JPMorgan Chase Bank National Association have set up IFSC Banking Units (IBUs) at GIFT City.

Detailed explanation-3: -The correct answer is HSBC. HSBC has inaugurated its International Banking Unit (IBU) branch at GIFT City near Gandhinagar city in Gujarat.

Detailed explanation-4: -Mumbai: The New Development Bank (NDB) will open its India regional office in the Gujarat International Finance Tec-City (GIFT City).

Detailed explanation-5: -“We welcome Deutsche Bank, one of the leading European banks to launch its offshore banking operations at GIFT IFSC. This will serve as a primer for renowned banks from other geographies to consider GIFT City a viable destination for international financial services.