PM Modi to inaugurate regional centre of New Development Bank on July 29

Prime Minister Narendra Modi will inaugurate the new Indian regional office of the New Development Bank (NDB) and witness commencement of operations of banking units of Deutsche Bank, JP Morgan Chase and MUFG Bank at the Gujarat International Finance Tec-City on Friday, an official statement said.

As announced by IFSC earlier this week, PM Modi will also launch the India International Bullion Exchange.

The New Development Bank's regional office in GIFT City will identify projects with strong development impact and assist government institutions in capacity building in the Indian sub-continent, said the finance ministry on Wednesday.

The NDB is a multilateral development bank set up by BRICS nations, namely Brazil, Russia, India, China and South Africa.

PM Modi will also launch the "International Sustainability Platform (ISX) that is aimed at channelising capital flows to meet the funding requirements of corporates, governments and institutions in India and other parts of the world, related to climate and UN Sustainable Development Goals," the statement added.