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The IFSC International Retail Business DevelopmentCommittee was appointed by International Financial Services Centres Authority (IFSCA) on Aug 3, 2020 with a mandate to submit a report in three months time. The Committee had earlier submitted two interim reports covering banking and insurance and in
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FAQ :
The final report presents recommendations for the banking, insurance, and capital markets segments to develop international retail business and enhance the overall growth of the IFSC.
Recommendations include permitting retail participation in banking units (IBUs), enabling wealth management, allowing IBUs to offer foreign currency clearing, and permitting IBUs to obtain FPI licenses for investing in rupee-denominated securities.
Suggestions include allowing NRIs/PIOs to buy life and health insurance, enabling insurers to set up subsidiaries, positioning IFSC as a reinsurance hub for Asia and Africa, and reducing Net Owned Funds requirements for reinsurers.
Key recommendations involve permitting resident individuals to invest in AIFs/MFs and listed companies via LRS, developing a framework for raising equity/debt, allowing bank subsidiaries to operate as trading members, and implementing a safe harbour regime for fund managers.
The development of the IFSC is expected to boost job creation, generate additional revenue for India, and attract funds, particularly from the Indian diaspora, for infrastructure development.
Shri Injeti Srinivas is the Chairman of IFSCA, and Shri Pradip Shah is the Chairman of the International Retail Business Development Committee.
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