Exciting news for Gandhinagar as Sumitomo Mitsubishi Banking Corp. (SMBC) receives the green light to open a branch in GIFT City. This move is set to streamline Japanese investments into India, thanks to reduced regulatory hurdles.
GIFT City, located in a special economic zone, aims to boost exports and attract foreign investments, particularly from multinational corporations. The Indian government has introduced tax incentives to facilitate this, including zero withholding tax for offshore-foreign currency-denominated borrowing.
In a statement, SMBC expressed its enthusiasm for managing offshore business linked to India from within the country. This strategic move allows the bank to meet the diverse needs of its clients effectively.
With its banking asset size surpassing $52 billion in January, GIFT City continues to thrive as India’s premier smart city with a financial offshore special economic zone. The addition of SMBC’s branch adds to the city’s growing roster, which already includes 11 international banks and 16 domestic banks.
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