Financial Technologies, SBI, ICICI Bank sign MoUs

State Bank of India (SBI), ICICI Bank and Financial Technologies were among those that signed memorandum of understanding (MoUs) with Gujarat International Financial Tec-City (GIFT City) for setting up operations in the city. While Financial Technologies signed an MoU to set up a financial services training centre, SBI, ICICI Bank, Bank of Baroda, HDFC and Dena Bank signed MoUs for setting up banking operations in the city.

However, officials from the banks, as well as from GIFT City, refused to divulge financial details of the MoUs. According to Hari Sankaran, managing director and vice-chairman, IL&FS, in all, nine banks had shown interest in setting up operations in GIFT City. Of these, five have already signed MoUs.

Recently, GIFT City had launched a 29-storey tower and is set to launch a second tower in a few months. These towers involve a construction cost of Rs 700 crore and are likely to house banks such Bank of Baroda, Dena Bank and Syndicate Bank, said R K Jha, director, GIFT City.