CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Taiwan’s largest privately-owned financial institution, CTBC Bank, has submitted an application to the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) at GIFT City, Gujarat. This move signals the bank’s growing interest in India’s expanding international finance ecosystem and underscores GIFT City’s emergence as a global financial hub.
Understanding International Financial Services Centres Authority (IFSCA)
The International Financial Services Centres Authority (IFSCA) is a statutory body created under the IFSCA Act, 2019, to act as the unified regulator for financial services in India’s International Financial Services Centres (IFSCs). Its mandate is to promote and regulate financial institutions, products, and services that operate in international currency within Indian IFSCs.
Constitution Of IFSCA
Before IFSCA’s establishment, regulation of financial services within IFSCs was fragmented across multiple regulators such as:
Reserve Bank of India (RBI) – banking sector
Securities and Exchange Board of India (SEBI) – capital markets
Insurance Regulatory and Development Authority of India (IRDAI) – insurance sector
Pension Fund Regulatory and Development Authority (PFRDA) – pension sector
IFSCA now serves as a single-window regulatory body, streamlining oversight and development of the IFSC ecosystem.
Headquarters And Focus
IFSCA is headquartered at GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat, which is currently the only operational IFSC in India. Its vision is to:
Facilitate cross-border financial services in banking, capital markets, insurance, asset management, and fintech
Serve both the domestic economy and the international financial market
Position India as a global financial centre competing with established hubs like Singapore, Dubai, and London
Governance Structure Of IFSCA
The Authority is composed of nine members appointed by the Central Government, including:
Chairperson
One representative each from: RBI, SEBI, IRDAI, PFRDA
Two members from the Ministry of Finance
Two additional members nominated through a Selection Committee
All members serve a three-year term, with the possibility of reappointment.
Significance Of CTBC Bank’s Application
CTBC Bank’s plan to establish an IBU at GIFT City reflects growing international confidence in India’s IFSC ecosystem. An IBU allows foreign and domestic banks to:
Offer foreign currency-denominated banking services
Serve non-resident clients and businesses involved in cross-border trade and investment
Participate in international lending, investment, and risk management operations
This move is expected to enhance India–Taiwan financial ties, improve capital inflows, and contribute to GIFT City’s status as a financial gateway for Asia.
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