Question
What is the primary purpose of the Indian Banks'
Association (IBA) forming the Sectoral Committee for GIFT City member banks?Solution
The Indian Banks' Association (IBA) has constituted a sectoral committee for member banks operating within the Gujarat International Finance Tec-City (GIFT City). IBA has constituted the Sectoral Committee to address the unique regulatory landscape and challenges faced by banks operating within GIFT City. The committee will act as a bridge between the banking industry and regulators, ensuring that concerns and perspectives are effectively communicated and addressed. GIFT City currently accommodates 26 banks. Earlier, banks individually took up issues faced by them with the International Financial Services Centre Authority (IFSCA).
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