Big rush to set up shop at GIFT city: Deutsche Bank, Citigroup, Zerodha among 24+ applicants

Nearly two dozen financial institutions including Deutsche Bank, Citigroup, Nippon Life India and Zerodha are set to open shop at GIFT City even as banking transactions at the country’s first International Financial Services Centre (IFSC) crossed the $100-billion mark in July.This financial year alone, the IFSC – a tax-free gateway to the global financial world as it caters to customers outside the jurisdiction of domestic economy – has seen about a 30% rise in the total banking transactions volume so far, a top official said.