NEW DELHI: The Indian Banks’ Association (IBA) has constituted a sectoral committee for member banks operating within the Gujarat International Finance Tec-City (GIFT City), the association has said.

The inaugural meeting of the committee took place in GIFT City on Tuesday. IBA has constituted the Sectoral Committee to address the unique regulatory landscape and challenges faced by banks operating within GIFT City.

The committee will act as a bridge between the banking industry and regulators, ensuring that concerns and perspectives are effectively communicated and addressed, a release said. GIFT City currently accommodates 26 banks. Earlier, banks individually took up issues faced by them with the International Financial Services Centre Authority (IFSCA). The establishment of the Sectoral Committee is a pivotal step towards streamlining concerns common to all banks within GIFT City. Sunil Mehta, chief executive of IBA, said, the regulatory framework for banks within GIFT City differs from that for banks outside, necessitating a dedicated committee to address the specific issues facing banks within the IFSC GIFT City ecosystem.

“The newly formed committee will serve as a bridge, facilitating effective collaboration between banks and regulators, and contribute to GIFT City’s growth as a leading international financial services hub,” said the release.