Current Affairs - International - Discussion

Prominent banks from France and the UAE have received in-principle approvals to set up IFSC Banking Units (IBUs) in GIFT City, Gujarat, marking a significant milestone in India’s emergence as a global financial hub. French banks like Natixis and Credit Agricole, and UAE-based institutions such as First Abu Dhabi Bank PJSC and Mashreq Bank, are among those expanding their presence. These approvals are part of broader efforts by the International Financial Services Centres Authority (IFSCA) to attract top-tier global banking institutions to GIFT City. With this, the total number of IBUs has risen to 31, reflecting the rapid internationalization of India’s financial landscape.