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    Question

    What is the primary purpose of the Indian Banks' Association (IBA) forming the Sectoral Committee for GIFT City member banks?

    A To promote international financial investments. Correct Answer Incorrect Answer
    B To establish a new regulatory authority for GIFT City banks. Correct Answer Incorrect Answer
    C To provide financial services exclusively to GIFT City residents. Correct Answer Incorrect Answer
    D To enhance communication between banks and regulators. Correct Answer Incorrect Answer
    E To encourage competition among banks within GIFT City. Correct Answer Incorrect Answer

    Solution

    The Indian Banks' Association (IBA) has constituted a sectoral committee for member banks operating within the Gujarat International Finance Tec-City (GIFT City). IBA has constituted the Sectoral Committee to address the unique regulatory landscape and challenges faced by banks operating within GIFT City.     The committee will act as a bridge between the banking industry and regulators, ensuring that concerns and perspectives are effectively communicated and addressed.   GIFT City currently accommodates 26 banks. Earlier, banks individually took up issues faced by them with the International Financial Services Centre Authority (IFSCA).

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