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HDFC Bank, IDFC First Bank & SSIL Designated as Corporate Agents in GIFT City by IFSCA.

Banking & Finance | Dated: 07 Apr 2025

In April 2025, Mumbai (Maharashtra)-based HDFC Bank Limited, the IFSC unit of IDFC First Bank, and Stock Holding Securities IFSC Limited (SSIL)—a subsidiary of Stock Holding Corporation of India Limited—were among the first entities to be designated as corporate agents in Gujarat International Finance Tec-City - International Financial Services Centre (GIFT-IFSC), located in Gandhinagar, Gujarat.

🎯 Key Highlights:

  • - Corporate Agents serve as insurance intermediaries, representing insurance companies to market and sell insurance products to a broader clientele.
  • - With this designation, the above-mentioned entities are now authorized to offer insurance products along with their primary financial products to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) across the globe.
  • - A key benefit for NRIs purchasing insurance from GIFT City is that succession will be governed by the Indian Succession Act, 1925, offering legal clarity and protection.

💡 Other Important Facts:

  • (i) In March 2025, the International Financial Services Centres Authority (IFSCA) established a standing committee on insurance to strengthen GIFT-IFSC’s positioning as a global hub for insurance activities.
  • (ii) This committee is chaired by M.R. Kumar, the former Chairperson of Life Insurance Corporation of India (LIC), headquartered in Mumbai, Maharashtra.

📚 Test Your Knowledge:

Which city houses the GIFT-IFSC where HDFC Bank, IDFC First Bank, and SSIL were designated as corporate agents?

Correct Answer: Gandhinagar

🚀 Quick Recap:

About International Financial Services Centres Authority (IFSCA)

  • Chairman: K. Rajaraman
  • Headquarters: GIFT City, Gujarat