A large country like India requires regional
financial centres,Union finance minister Pranab Mukherjee said on Sunday
at the foundation stone laying ceremony of a financial city on the
outskirts of Bangalore.For a country of our size,emergence of regional
financial entities can help in financial services becoming more equally
distributed among the different regions of the country, he said.
The financial city near Devanahalli in Bangalore is one of the first of its kind in India and will enable financial institutions to establish and run a variety of operations,and help meet regional financial demands better.
Karnataka consistently figures among the top five states in credit-deposit ratio,while Bangalore ranks next only to Mumbai and New Delhi in terms of size of bank credit and deposit.The importance of Bangalore is corroborated by the income tax collections,as the city stands next only to Mumbai and Delhi, said Mukherjee.The proposed 50-acre Financial City will be developed over a period of three years at an investment of over Rs 1,000 crore.Space allotment letters have already been given to many banks and financial institutions including Canara Bank,Corporation Bank,Syndicate Bank,State Bank of Mysore,Indian Bank,and LIC.
The project will be executed by IFCI Infrastructure Development Ltd,, the countrys first financial institution,set up in 1948.Banks and financial institutions will be able to carry out a wide range of support activities,including back-end operations,from the Financial City,said Atul Kumar Rai,CEO,IFCI.
The financial city near Devanahalli in Bangalore is one of the first of its kind in India and will enable financial institutions to establish and run a variety of operations,and help meet regional financial demands better.
Karnataka consistently figures among the top five states in credit-deposit ratio,while Bangalore ranks next only to Mumbai and New Delhi in terms of size of bank credit and deposit.The importance of Bangalore is corroborated by the income tax collections,as the city stands next only to Mumbai and Delhi, said Mukherjee.The proposed 50-acre Financial City will be developed over a period of three years at an investment of over Rs 1,000 crore.Space allotment letters have already been given to many banks and financial institutions including Canara Bank,Corporation Bank,Syndicate Bank,State Bank of Mysore,Indian Bank,and LIC.
The project will be executed by IFCI Infrastructure Development Ltd,, the countrys first financial institution,set up in 1948.Banks and financial institutions will be able to carry out a wide range of support activities,including back-end operations,from the Financial City,said Atul Kumar Rai,CEO,IFCI.
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