Question: GIFT City, which is first and only International Financial services Center( IFSC), located in which of the following state
a) Gujarat
b) Maharashtra
c) West Bengal
d) Uttar Pradesh
Answer: (a)
Related Facts:-
- On 7th October 2021; International Financial Services Centres Authority (IFSCA) and GIFT City launched I-Sprint’21, the global FinTech Hackathon Series of IFSCA.
- The first Sprint of the series “Sprint01: BankTech” is focussed on FinTechs for the Banking sector.
- Sprint01: BankTech is hosted jointly by IFSCA and GIFT city in collaboration with NITI Aayog.
- The Partners to the Hackathon are ICICI Bank, HSBC Bank, iCreate, Zone Startups and Invest-India.
- It should be noted that GIFT City stands for Gujarat International Finance Tec City.
- GIFT City is India’s first and only International Financial Services Centre (IFSC).
- At this kind of IFSC banks, stock exchanges and financial services firms have set up their global operations.
- The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India.
- IFSCA endeavours to encourage the promotion of financial technologies (FinTech) initiatives across the spectrum of banking, insurance, securities and fund management in IFSC.
- In this context, a series of Hackathons cutting across these sectors have been planned under the banner of I-Sprint’21.
- This hackathon is first under the I-Sprint series focussing on the Banking Sector and is one of its kind being backed by a Regulator.
- It shall be conducted virtually and is open to eligible FinTechs from across the Globe.
By Rajesh Tripathi
Links:-
https://pib.gov.in/PressReleasePage.aspx?PRID=1762086