Gujarat’s GIFT City gets a new foreign member on its premises. India’s International Financial Services Center Authority (IFSCA) has approved a Singapore-based multinational bank and financial services corporation, the Development Bank of Singapore (DBS), to open its international banking unit (IBU) at Gujarat’s GIFT City.

According to the officials at GIFT City, the entry of the Singapore Exchange (SGX) Nifty at GIFT City has made the city a prime location for the banking and financial sector.

The international banking unit was inaugurated by Singapore’s Finance Minister and Deputy Prime Minister on the 16th of July, 2023, with witnessing officials from IFSCA, the MAS (Monetary Authority of Singapore) and GIFT City.

With this big announcement, the DBS officials added that the banking institute would offer financial services like treasury operations, trade finance, derivatives and external credit borrowing (ECB) at GIFT City’s DBS IBU. Adding to this, the DBS’s IBU will also offer loans in foreign currencies and trade finance businesses. for a few initial years

The multinational bank has also estimated to conduct the business of $1 billion within the first year of the bank operations. Gradually with the increase in business, the bank will also expand the range of offerings from the financial hub, including solutions for its private banking clients. The inauguration of DBS IBU at GIFT IFSC will significantly improve India’s financial condition.

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