Kotak Mahindra Bank signs MoU with GIFT SEZ for boosting financial services eco-system at GIFT IFSC

In May 2021, Kotak Mahindra Bank had issued the first-ever FPI license to a GIFT IFSC AIF, marking a new beginning in the journey of the fund business in GIFT IFSC.

To strengthen the presence in the country's new financial & technology gateway, Kotak Mahindra Bank Limited (KMBL) today announced that it has signed a Memorandum of Understanding (MoU) with GIFT SEZ Limited (GIFT SEZ), enabling both to work together towards greater enhancement of the financial services eco-system in GIFT IFSC for AIFs and Global Custody Services.

Both Kotak Mahindra Bank and GIFT SEZ (a wholly owned subsidiary company of Gujarat International Finance Tech-City Co. Ltd), will cooperate towards wide-ranging activities to improve customers' overall financial services offerings. According to the MoU, one area of focus will be to ease market access and cross border activities for the fund management community. Both KMBL and GIFT SEZ will jointly work on promoting the GIFT IFSC jurisdiction for AIF fund structures, holding seminars and knowledge series, ease of doing business, expansion of financial infrastructure including the custodian activities like setting up of Global Custody services, etc.

In May 2021, Kotak Mahindra Bank had issued the first-ever FPI license to a GIFT IFSC AIF, marking a new beginning in the journey of the fund business in GIFT IFSC. 

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.

GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC), GIFT City is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. 

The share of Kotak Mahindra Bank has opened in red trading at Rs 1,857.60, which is 1.81 per cent down on BSE.