Mumbai, Jan 8 (PTI) Around three to four foreign banksare likely to soon set up shop at International FinancialServices Centre (IFSC) in Gujarat's GIFT city and are waitingfor the RBI to issue certain operating guidelines.Currently, 11 domestic lenders including SBI, HDFCBank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda haveopened their businesses at GIFT (Gujarat International FinanceTec-City). The financial transactions by these banks hascrossed USD 8 billion."About three to four foreign banks are in cusp ofsetting up offices at GIFT city. RBI has to issue a final setof operating guidelines for them," GIFT city managing directorand group CEO Ajay Pandey told reporters here.Without naming the foreign banks he explained thatthese lenders have sought clarity related to capital adequacyrequirements.Pandey noted that these banks have their ownregulators in their respective homes and therefore certainnorms need to be worked out with the host regulator, which isthe RBI.Meanwhile, GIFT city has so far generated over 7,500jobs and is looking to cross the 9,000 mark by fiscal-end. Thecity plans to generate as many as one million jobs including500,000 direct employment."We are very rapidly moving towards the 10,000 markhopefully by the end of this year and thereafter it shoulddouble annually," Pandey said."Lot of the job generation would come from thedomestic sector," he added.GIFT city is an integrated development on 886 acres of land with 62 million square feet of built-up area which includes office space, residential, schools and hospitals. Tt also has a dedicated multi-services special economic zone (SEZ) for international operations for the services sector. The SEZ also has a status of India's first IFSC. PTI

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