Tag: Ahmedabad

Union finance minister Nirmala Sitharaman seeks greater coordination of bourses in GIFT, BFSI News, ET BFSI

Personal Finance

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Clearing three proposals of the International Financial Services Centres Authority (IFSCA) on Saturday, Union finance minister Nirmala Sitharaman stated that greater coordination on certain aspects is needed among stock exchange authorities and different regulators for the development of GIFT City in Gandhinagar.

Clarifying that these aspects are not of major concerns, the FM who was on her maiden visit to the GIFT City, quickly added, “It is possible to sit around a table and sort them all out. That is the understanding that all of us have had (today).” The three proposals worth Rs 500 crore included sanctioning of Rs 269 crore for a supervisory technology fund for IT infrastructure, Rs 200 crore for IFSCA’s headquarter building in GIFT City and the FinTech scheme of Rs 45.75 crore. The FM was also informed that a bullion exchange will come up soon at the GIFT.

The FM, who was accompanied by Union ministers of state for finance Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad as well as seven from the finance and corporate affairs ministries, listed out four points.

“First, the stock exchanges need to talk among themselves. Second, regulators, weather it is SEBI or RBI or insurance regulator (IRDAI) need to talk among themselves. Third, startups should be brought in and fourth the development of area outside IFSC (International Financial Services Centre) but within the GIFT City,” she said.

She suggested that the Gujarat government should engage with leading startups, not just those belonging to the fintech space, from Bengaluru, Hyderabad, Gurgaon among others and bring them to GIFT City, which will help create an ecosystem fora global financial hub at GIFT City.

Referring to the bilateral meetings with multinational business leaders during her visit to Washington in October for the World Bank meet, Sitharaman stated that several business leaders had then expressed their willingness to shift some of their core activities in different towns and cities in the US to India. “In that context, I did recommend to them that they must visit GIFT City,” said the FM,who shared the list of such companies with the authorities of GIFT City.

“Hopefully, an interaction and engagement with them will bring more business here,” added the FM.



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Bank employees seek to reduce banking hours, BFSI News, ET BFSI

Banking & Finance

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AHMEDABAD: Members of Maha Gujarat Bank Employees’ Association (MGBEA) on Tuesday made a representation before the state level bankers’ committee (SLBC) seeking to reduce banking hours in the wake of the steep surge in Covid-19 cases.

“All branches can reduce business hours from 10am to 2pm and provide essential services only. Employees should be allowed to go home after the business hours. The purpose is to reduce the exposure of the staff with public,” mentioned a statement released by MGBEA.

In the wake of the prevailing situation in Gujarat, MGBEA has requested the head of SLBC and the state government to issue guideline to banks.

“Bank branches will be vulnerable points for transmission of Coronavirus. Nearly 10,000 bank employees are tested positive in March 2021. Across Gujarat, some 3,718 branches of nationalised banks along with 1,286 branches of State Bank of India and 1,619 of district and state cooperative banks in addition to 769 branches of gramin bank and 2,206 private bank branch have been operational full time,” said Janak Rawal, general secretary, MGBEA.

“After the hearing of a Suo moto public interest litigation on the Covid-19 surge, Gujarat Government issued some guideline related to Covid-control in Gujarat and allowed government offices to work with 50% staff. We have represented the matter before SLBC, Gujarat and to the chief secretary, Gujarat government to issue guideline for the functioning of banks branches in the state,” Rawal further added.

Bank should be advised to work with reduced staff strength which will be helpful to the employees as well as to the bank in implementing business continuity plan, according to MGBEA. “The banks must close the branch for 48 hours, if any employee tests positive for Covid-19.”



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