<span style="color: #222222;">HSBC- the Hongkong and Shanghai Banking Corporation Limited is to set up the IFSC Banking Unit at Gujarat International Finance Tec City, GIFT city in Gandhinagar Gujarat. The world's largest financial services organization HSBC has got in-principle approval from the GIFT SEZ Authority to set up an IFSC Banking Unit -IBU at GIFT City, subject to other Regulatory approvals.</span><br />'' <span style="color: #222222;"> </span><br />'' <span style="color: #222222;">The proposed commencement of the IBU by HSBC marks a significant development in India's IFSC business. It also proves GIFT's mettle as a globally competitive international financial center. This development marks a major milestone for HSBC in India, which has been present in the country for more than 160 years.</span><br />'' <span style="color: #222222;"> </span><br />'' <span style="color: #222222;">Welcoming HSBC at GIFT IFSC, Mr. Tapan Ray, MD & Group CEO of GIFT City said that it is a momentous occasion to host HSBC at GIFT IFSC. AIR Ahmedabad correspondent reports that the banking business at GIFT IFSC has seen a quantum jump in the last few years. 13 banks have set up their IBUs in GIFT IFSC. The cumulative business in the banking vertical has crossed 28bn US dollars.</span><br />'' <span style="color: #222222;"> </span><br />'' <span style="color: #222222;">GIFT IFSC Banking Units have played a pivotal role in the development of IFSC in India by providing dollar financing to Indian corporates. As per available data, GIFT IFSC has contributed around 11 percent of total financial services exports of India. Apart from banking, insurance and international exchanges in GIFT-IFSC have also seen an upward trajectory in their business.</span> <br />