HDFC’s life insurance and asset management arms commence operations at GIFT IFSC

Mumbai: HDFC AMC International and HDFC International Life and Re have commenced operations in the International Financial Services Centre on Thursday, offering protection and investment opportunities to non-residents.

Speaking at the inauguration on Thursday, Deepak Parekh, Chairman of HDFC Life and HDFC AMC, called for a principle-based inter-regulatory framework for the International Finance Centre at Gift City, which he said was the hallmark of an IFSC, along with governance.
A principle-based network requires high-level principles and guidelines rather than prescriptive rules governing financial markets, institutions, and activities.

“Getting the right financial incentives, enabling the ease of doing business, and facilitating the opening up of the financial markets is what IFSCA has successfully done,” said Parekh.
“Globally, international financial centres have demonstrated that they contribute to increased investments, employment and help raise the bar on the efficiency and competitiveness of financial markets in the regions in which they operate,” said Parekh.
“We are excited about our new product offerings with HDFC Life International offering US dollar-denominated life and health insurance solutions for NRIs and the global Indian diaspora, and HDFC AMC International will provide fund management and advisory solutions as part of its offshore hub,” said Parekh.
Parekh said that India was not only the fastest-growing major economy and the fifth-largest, contributing 15% to global growth, but it has also demonstrated its capability to implement.
“Today, if there is one unanimous global view, it is the positive outlook on India. Never in my 55-odd years of my working life have I seen such optimism about India as one sees today,” said Parekh.
Describing Gift City as an idea long in the making, Parekh said its takeoff coincided with global investor interest in India. “Gift City demonstrates India’s capabilities to re-imagine its cities in terms of greenfield, smart infrastructure, hi-tech, being a hub for financial innovation, and according priority to sustainability in a holistic manner,” he said.
The HDFC Bank IBU has been operating in GIFT since 2017, offering corporate and treasury solutions, trade credit, foreign currency loans, and depository services, among several others.”