Indian banks’ association forms sectoral committee for banks in GIFT City

AHMEDABAD: The Indian Banks' Association (IBA) announced on Tuesday the establishment of a sectoral committee for member banks operating within Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. The committee's inaugural meeting took place on Tuesday.
The IBA has formed the Sectoral Committee to address the distinct regulatory landscape and challenges faced by banks operating within GIFT City.This committee will serve as a link between the banking industry and regulators, ensuring effective communication and resolution of concerns and perspectives.
Sunil Mehta, Chief Executive of IBA, stated, "The regulatory framework for banks within GIFT City differs from that for banks outside, necessitating a dedicated committee to address the specific issues faced by IFSC Banking Units (IBUs). The newly established committee will act as a bridge, facilitating effective collaboration between banks and regulators."
The Sectoral Committee's immediate focus will be on exploring avenues to align GIFT City with other international financial hubs and identifying areas for improvement.
Rajneesh Karnatak, MD & CEO of Bank of India and Chairman of the IBA Sectoral Committee, mentioned, "Our objective is to enhance the efficiency and inclusiveness of the committee, enabling it to better represent the collective interests of the banks operating within GIFT City."
Currently, 26 IBUs are registered in GIFT City. The sectoral committee will discuss operational matters at IFSC GIFT City, advocating for issues unique to IBUs.