(Reuters) -Banking major Standard Chartered’s India unit will launch a U.S. dollar clearance from the Gujarat International Finance Tec, or GIFT, City on October 7, its CEO P.D. Singh said on Thursday.
Earlier this year, Standard Chartered had been selected as the dollar settlement bank for GIFT City, which is being developed as a finance hub to rival centres such as Dubai or Singapore.
Separately, Singh said the bank’s India unit is adequately capitalised for the next five years. It does not plan to add more branches in India and is looking to consolidate its footprint in the country, Singh said at a media briefing in Mumbai.
(Reporting by Gopika Gopakumar in Mumbai, writing by Manvi Pant; Editing by Rashmi Aich)
