Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa (MEA) region, has become the first MEA bank to open a branch in GIFT City, Gujarat. GIFT City, is India’s only International Financial Services Centre (IFSC), located in Gujarat.
Key Highlights
- New Branch Location: GIFT City, Gujarat
- Significance: First MEA-based bank to enter India’s IFSC
- Services Offered:
- Credit facilities
- Foreign currency financing
- Trade finance solution
- Multi-currency product suite
- Clientele Target: Indian corporates and global clients needing international banking solutions
- Strategic Context: Aligns with India’s rise as a global economic and manufacturing hub and its robust foreign exchange reserves (over USD 650 billion)
- Regional Impact: Strengthens QNB’s presence in 28 markets across 3 continents
About Qatar National Bank (QNB)
- India Operations Initiated: 2017
- Status: Scheduled Commercial Bank in India
- Focus Areas:
- Structured trade finance
- Working capital solutions
- Long-term credit for tailored uses
- New GIFT Branch Focus:
- Support both onshore and offshore clients
- Offer foreign currency funding
- Assist Indian companies in global expansion
About GIFT City (Gujarat International Finance Tec-City)
| Feature | Details |
| Zones | Domestic Zone: Rupee transactions-SEZ Zone (GIFT-IFSC): Foreign currency only |
| SEZ Act Basis | Set up under Special Economic Zones Act, 2005 |
| Unique Status | Only IFSC in India |
| Primary Functions | International finance, banking, insurance, and capital markets |
| Notable Institutions | BSE & NSE international exchanges, 17 banks (12 Indian + 5 foreign), insurance & brokers |
| Tax Benefits | – Tax holiday on capital gains for aircraft leasing- Exemptions on lease rentals- Benefits for relocating foreign funds |
| Arbitration & Exchanges | – Singapore Arbitration Centre for dispute resolution- International Bullion Exchange upcoming |
| Global Benchmarking | Aims to attract offshore financial activities of Indian firms and offer world-class services |
About IFSCA (International Financial Services Centres Authority)
- Established Under: IFSCA Act, 2019
- Role: Unified statutory regulator for financial products, services, and institutions in IFSCs
- Before IFSCA: Regulatory functions handled by RBI, SEBI, IRDAI, and PFRDA individually
- Objectives:
- Develop global linkages
- Serve Indian economic interests
- Regulate international financial activities in India
Opportunities & Benefits of GIFT City
| Opportunities | Benefits |
| Strategic Location | Central govt. support and ease of doing business |
| Integrated Development | Smart and sustainable infrastructure |
| SEZ & IFSC Facilities | Tax incentives attract global firms and banks |
| Job Creation Potential | Estimated 10 lakh direct jobs (as per McKinsey 2007 study) |
| Global Infrastructure Standards | Efficient dispute resolution and international-level operations |
| Talent Availability | Skilled workforce and high quality of life for professionals |