Maharashtra looking at hub & spokes model for Mumbai international finance centre – Economic Times
7 months ago Comments Off on Maharashtra looking at hub & spokes model for Mumbai international finance centre – Economic Times
On Thursday, union minister of state for finance Jayant Sinha chaired a meeting of a panel formed to set up an International Financial Services Centre (IFSC) in the city’s Bandra-Kurla Complex (BKC) business district.
Fadnavis who is on the panel along with ICICI Bank CEO Chanda Kochhar said the panel is thinking on the lines of a financial centre with branches even outside Mumbai’s BKC.
“Even if there is no formal IFC in Mumbai it is still ranked 24th among the world’s financial centres, so Mumbai’s feasibility is not a problem. We will need 50 acres and if we need more we can look at a hub and spokes model and scale it up, just like London where the IFC is based not only in one place,” Fadnavis said.
Last year, Gujarat International Finance Tec-City (GIFT) was launched in neighbouring Ahmedabad where banks and other financial institutions have already started operations.
Fadnavis said both Maharashtra’s and Gujarat’s IFC will have to co-exist. “Mumbai has inherent strength and we believe both these centres can co-exist,” Fadnavis said.
If successful, this will be the first time internationally when two IFCs will operate in such close proximity.
Maharashtra looking at hub & spokes model for Mumbai international finance centre – Economic Times}