International Financial Services Centres Authority, IFSCA has approved draft Banking regulations for banking operations at IFSCs. In its meeting yesterday, the IFSC Authority approved the International Financial Services Centres Authority (Banking) Regulations, 2020. This will pave the way for putting in place the rules for the various aspects of banking operations that would be permissible at the IFSC.
The Finance Ministry said, Banking constitutes one of the major focus areas of IFSC and is expected to drive and facilitate the other constituent operations in the IFSC in due course.
A self-contained regulation laying down the major principles of banking operations at IFSCs is thus an important step in the IFSC reaching its desired potential, it added.