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The International Financial Services Centres Authority issues the IFSCA Banking Handbook as a compendium of detailed directions for banking units. The handbook applies to all IFSC Banking Units operating in GIFT IFSC and to banking companies incorporated in India or outside India that plan to set up a branch in GIFT IFSC. The handbook contains General Directions, Conduct of Business Directions, and Prudential Directions. The provisions take effect on January 1, 2022. Until that date, banking units must comply with existing directions, circulars, and guidelines issued by the Authority. Banking units prepare for a smooth transition and ensure compliance with the new handbook.
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International Financial Services Centres Authority
F.No. 110/IFSCA/banking Regulation/2021-22/ 6
Date: August 13, 2021
To, All IFSC Banking Units (IBUs)
Dear Sir/Madam,
Subject: Issue of the IFSCA Banking Handbook
Please refer to the IFSCA (Banking) Regulations, 2020 (as amended up to 6.7.2021)¹ and the circulars / directions issued thereunder by the Authority.
With a view to further enhancing ‘ease of doing banking business’, the Authority is hereby issuing the IFSCA Banking Handbook (‘Handbook’) which will act as a compendium of all the detailed directions of the Authority to the IBUs operating in GIFT IFSC and to the Banking Companies incorporated in India or outside India looking to set up an IBU as a branch in GIFT IFSC.
The IFSCA Banking Handbook contains the detailed directions of the Authority under the extant IFSCA (Banking) Regulations, organised in the following three components:
The provisions under the IFSCA Banking Handbook shall come into effect from January 1, 2022 and the IBUs are directed to prepare for a smooth transition to ensure compliance.
Till the date of coming into effect of the IFSCA Banking Handbook, the IBUs shall comply with the existing Directions/ Circulars/ Guidelines issued by the Authority.
¹ Can be viewed at the URL : https://ifsca.gov.in/Viewer/Index/203 ² Can be viewed at the URL: https://ifsca.gov.in/Viewer/Index/214 ³ Can be viewed at the URL: https://ifsca.gov.in/Viewer/Index/215 ⁴ Can be viewed at the URL: https://ifsca.gov.in/Viewer/Index/216
The Authority may modify or / and add further directions on relevant aspects, under the IFSCA Banking Handbook, from time to time, for ensuring better clarity.
IBUs are directed to ensure compliance to the Directions of this Circular.
Yours faithfully,
Kamlesh Sharma | Supriyo Bhattacharjee General Manager | General Manager kamlesh.sharma27@ifsca.gov.in | supriyo.b@ifsca.gov.in
