State Bank of India empanels as a Clearing Bank with India International Clearing Corporation (IFSC) Ltd in GIFT City GujaratNovember 13, 2019
Mumbai, November 13, 2019: India’s premier public sector bank, State Bank of India (SBI) – International Banking Unit (IBU), will now start offering Clearing Bank services to capital market participants at the IFSC, GIFT City. The Bank empaneled as a Clearing Bank with India International Clearing Corporation (IFSC) Limited (India ICC) on 8th November, 2019 and intends to offer the entire suite of permitted services to cater to the fast-evolving capital markets ecosystem at IFSC. The Bank offers a network of more than 200 overseas foreign branches/ offices, including its presence at the GIFT IFSC.
SBI – IBU has become the seventh clearing bank to engage with the India ICC. ICICI Bank Limited, Kotak Bank Limited, IndusInd Bank Limited, Yes Bank Limited, HDFC Bank Limited and Axis Bank Limited are the other empaneled clearing banks with the India ICC.
Shri Arup Mukherjee, MD & CEO of India ICC, mentioned, “The State Bank of India, India’s largest bank’s, International Banking Unit (SBI-IBU), engaging as a Clearing Bank with the India ICC is an important milestone for the clearing & settlement services at the IFSC, GIFT City. Participants at the IFSC, would now have access to one of the most reputed and acclaimed banks globally, for their various requirements and this engagement would further increase the efficiencies in clearing and settlement services at the IFSC. India ICC has worked diligently with all stakeholders and our members to develop best-in class clearing & settlement and risk management services at the IFSC and its engagement with SBI-IBU further enhances its offerings and demonstrates its long-term commitment to the development of the IFSC at GIFT City. The two organizations, SBI-IBU and India ICC, would work in close co-operation to enhance and improve the customer services and offer industry leading capabilities at the IFSC in a safe and regulated environment. We look forward to a long-standing partnership with SBI at IFSC.”
About India ICC
The India International Clearing Corporation (IFSC) Limited (India ICC) is an AAA rated, ISO/IEC 27001:2013 certified Clearing Corporation established at the IFSC, GIFT City, Gandhinagar. It is a Qualified Central Counterparty (QCCP) and recognised as a third country central counterparty (TC-CCP) by the European Securities and Markets Authority (ESMA). It provides clearing & settlement and risk management services to the India International Exchange (IFSC) Limited (India INX). India ICC commenced operations on January 16, 2017 and clears and settles various types of instruments such as equity and index derivatives, currency derivatives, commodities derivatives and debt securities.
About India INX
India INX commenced operations on January 16, 2017 and is India’s first international exchange set up at the IFSC, GIFT City. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and operates for 22 hours a day to allow international investors to trade from anywhere across the globe. The exchange provides a common platform for all asset classes – equities, currencies, commodities and debt securities. India INX offers a diversified portfolio of products and technology services at a cost which is far more competitive to other exchanges. The exchange being located at the IFSC, provides competitive advantages in terms of tax structure and supportive regulatory framework. These includes waiver of securities transaction tax, commodities transaction tax, dividend distribution tax, capital gains tax, income tax holiday etc.
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