Mumbai: Indian lenders are increasingly looking to derive a larger chunk of their international business from the Gift City in Gujarat, including consolidating global treasury operations and making dollar loans to corporates.
Bankers said being at Gift City’s international financial services centre (IFSC) helps them offer better tax incentives to clients, and serve the global requirements of borrowers without tapping multiple geographies. Given that some banks are reducing their international branches, having a presence at Gift City allows them to tap dollar business from India. For instance, state-run Bank of Baroda is consolidating its global treasury operations, except for the US, at Gift City. The process is expected to be completed in the current financial year. Its total business at the IFSC is about $5 billion, including loans of $2.7 billion.
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