Department of Economic Affairs I

1. Government of India implemented a major financial
sector reform by establishing and operationalizing India’s
maiden International Financial Services Centre (IFSC)
in GIFT City, Gujarat in 2015. The GIFT IFSC is a distinct
international financial jurisdiction developed within India
to onshore the offshore international financial services
and act as a gateway for global capital inflows into and
out of the country. The vision of the Government is to
develop GIFT IFSC as a leading internationally
recognized financial centre with trusted business
regulations, competitive tax structure and ease of doing
business.

Annexure
GIFT IFSC: Business Development Highlights
As on 31st Oct, 2023

S. N. Parameter Up to Sept. 2020 Up to Oct 2023 Growth in last

three months
(Aug-Oct 2023)
1. Number of IFSC Entities 129 5801 35
Banking Sector
2. Total Number of Banks 14 26 1
3. Total Banking Asset Size $ 14 Bn $ 47 Bn $ 6 Bn
4. Total Banking Transactions $ 53 Bn $ 598 Bn $ 90 Bn
5. Total OTC Derivative
Transactions including NDF2 $ 65 Bn $ 699 Bn $ 66 Bn
Capital Market Sector
6. Monthly turnover on IFSC Exchanges $ 21.7 Bn3 $ 63.7 Bn NA
7. Total Debt Listing on Exchanges $ 23 Bn $ 52.7 Bn —
8. Green/ESG/Sustainable Bond listing $ 2.1 Bn $ 10.1 Bn —
Funds Industry
9. Fund Management Entities NA 78 5
10. Total Funds/Schemes NA 76 13
11. Targeted Corpus of Funds NA $ 20.05 Bn $ 2.7 Bn
Insurance Sector4
12. Number of Insurance firms & Brokers 17 29 3
13. Re(insurance) Gross Premium
booked by IIOs in IFSC $ 45 Mn $ 259 Mn $ 20 Mn
14. Re(insurance) Premium
transacted by Insurance intermediaries $ 158 Mn $ 808 Mn $ 80 Mn
Aircraft Leasing
15. Registered Aircraft Lessors NA 26 6
16. Registered Ship Lessors NA 8 6
17. Total Aircrafts/Engines
leased/Ground Support Equipment NA 136 52
FinTech
18. Number of Fintech Registered NA 43 04
19. FinTechs approved under Incentive Scheme NA 10 5
20. Number of Hackathons Completed NA 08 1
Bullion Ecosystem
21. Qualified Suppliers NA 20 02
22. Qualified Jewellers NA 102 01
23. Quantity of Bullion Traded on IIBX NA 3.4 Tonnes 2.7 Tonnes
1
Includes entities registered, authorized, licensed & notified by IFSCA
2
NDF refers to Non-Deliverable Forwards
3
Exchange turnover for the month of September 2020
4
Insurance data upto Sept 2023

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 Department of Financial Services V

Institution has received the highest AAA (stable) domestic B. Amendment in Insurance Ombudsman Rules,
rating from ICRA and CRISIL in March 2023. The 2017: The Insurance Ombudsman Rules 2017 have been
Institution has also successfully completed its maiden
amended by the Central Government on 9.11.2023. Key
Bond Issuance of 10,000 crore and listed on both stock
amendments include enhancement in limit of award
exchanges-BSE and NSE on June 20, 2023.
compensation by an Insurance Ombudsman from existing
7. Pension Sector Rs 30 lakhs to Rs 50 lakhs.
The status of NPS as on 30th November, 2023, is as
C. Family pension at the Uniform rate of 30% in
under:
LIC: The proposal of the Life Insurance Corporation of
Assets under
No. of subscribers India (LIC) has been approved for fixing a uniform rate
Sector Management (Rs.
(in lakhs) of family pension @30% of last pay in place of the
In Cr.)
Central Government 25.12 2,96,195 existing slab system whereby, family pension is paid at
State Government 63.45 5,25,242 varying rates of 30%, 20% and 15%, depending upon
Corporate 18.71 1,45,459 pay slabs.
All Citizen Model 31.63 50,458 9. Digital Payments
NPS lite* 33.23 5,246
In July 2023 Promotion of Digital Payments has
Total 172.14 10,22,600
been transferred from MeitY to Department of Financial
*(No fresh registration permitted w.e.f 01.04.2015) Services vide Cabinet Notification No.1/21/6/2023-Cab.
dated 17th July 2023.
8. Developments in Insurance Sector
A. Insurance Surety Bonds: Hon’ble Finance Progress in digital payment transactions
Minister in her budget speech of 2022-23 announced that The total digital payment transactions volume increased
Insurance Surety Bonds will be accepted as one of the
from 2,071 crore in FY 2017-18 to 13,462 crore in FY
alternatives for Bank Guarantee (BG) in Government
procurement and accordingly General Financial Rules 2022-23 at CAGR of 45% and crossed 13,296 crore
were also amended. during current Financial year till 31st Dec, 2023.

Source: RBI, NPCI and Banks

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