CURRENT AFFAIRS

Detailed explanation-1: -UPSC Mains. Q. Which is the first multilateral agency to open an office in the Gujarat International Finance Tech City (GIFT)? Notes: New Development Bank (NDB) is set to become the first multilateral agency to open an office in the Gujarat International Finance Tech City (GIFT).

Detailed explanation-2: -The correct answer is NDB. The India office will focus on expanding its footprint in the country.

Detailed explanation-3: -“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.

Detailed explanation-4: -BRICS stands for Brazil, Russia, India, China, and South Africa. India is chair of the BRICS grouping for 2021. BRICS Development Bank was founded in the year 2014 at the 6th BRICS Summit in Fortaleza, Brazil.

Detailed explanation-5: -BRICS bank or the New Development Bank was developed by an agreement signed during the sixth BRICS Summit in Fortaleza, Brazil (2014). The headquarters of the BRICS Bank is in Shanghai.