Latest news with #IFSC
The Hindu
an hour ago
- The Hindu
Man duped of ₹1.9 lakh by fraudster posing as relative
A 37-year-old resident of Edi Bazar was duped of ₹1.9 lakh by a fraudster posing as his nephew living in Saudi Arabia. The case unfolded on June 25 and involved the use of familiar photographs and WhatsApp messages to gain the victim's trust. The fraudster claimed to be sending money to the victim for safekeeping and requested his bank account number, mobile number, and IFSC code. After receiving the details, the fraudster shared a fake Citi Bank voucher as proof of the transfer. He then introduced an 'agent', citing problems with his passport and visa. Claiming that the agent needed ₹1.1 lakh to resolve these issues, the fraudster convinced the victim to transfer ₹1 lakh via UPI. Further demands followed, with assurances that the requested sums would be deducted from the funds already sent. Under this belief, the victim made additional transfers of ₹50,000 and ₹40,000. Only after realising that the money had not been received did the victim approach the Cybercrime Wing of Hyderabad Police to lodge a complaint.
Time of India
2 days ago
- Business
- Time of India
Union finance minister Nirmala Sitharaman calls for fast-tracking reforms at GIFT City
Ahmedabad: Union finance minister Nirmala Sitharaman on Thursday reviewed the progress of GIFT City in Gandhinagar and called for fast-tracking reforms to enhance its competitiveness and align it with the govt's vision of 'Viksit Bharat @2047'. Reviewing the progress of the International Financial Services Centre (IFSC) in Gandhinagar, the minister said India must use its technological strength and large domestic market to position GIFT IFSC as a leading global financial hub. She also underlined the need to attract foreign capital through structured and well-regulated channels. Sitharaman chaired two high-level meetings during her visit. One was with GIFT City officials and regulatory stakeholders along with state and central ministers and officials, and the second with market participants. "Reforms must be implemented over the next few years to accelerate growth and attract foreign capital through well-regulated channels," she said. "India's advantages in technology and its large domestic market should be used to build competitiveness at IFSC. Regulators must identify the financial sector's aspirational needs to support this effort," Sitharaman added. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad In a separate meeting with 21 market participants, she gave suggestions to improve the ease of doing business at the IFSC. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Worst Home Items That People Own, Ranked CleverClassic Undo "Efforts should be made to make GIFT IFSC more cost-effective and attractive for high net-worth individual (HNI) investments," she said. According to Sitharaman, there is also a need to mobilise sovereign and pension funds at the centre and align talent development with its growing mandate. "India's position as a major gold importer should be leveraged to scale up the India International Bullion Exchange (IIBX) and strengthen price discovery, positioning GIFT IFSC as a global bullion hub," she said. GIFT City should also be developed as a modern, sustainable smart city with infrastructure that supports its role as a global financial hub and helps attract skilled talent, Sitharaman said.
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Business Standard
2 days ago
- Business
- Business Standard
Make GIFT IFSC competitive to attract HNI funds: FM Sitharaman
The minister who was in GIFT City, Gandhinagar for a high-level review of the IFSC's progress, emphasised the need to make it competitive BS Reporter New Delhi Union Minister for Finance and Corporate Affairs Nirmala Sitharaman nudged financial sector regulators to pursue initiatives that catalyse the core mandate of the GIFT International Financial Services Centre (IFSC) to bring foreign capital into India through structured channels. The minister who was in GIFT City, Gandhinagar for a high-level review of the IFSC's progress, emphasised the need to make it competitive and cost effective to attract investments from high net worth individuals (HNIs) and mooted fast-tracking of reforms. She also highlighted the role of the IFSC Authority (IFSCA) in mobilising sovereign and pension funds. With India being a major gold importer, Sitharaman also stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, so as to position GIFT IFSC as a global bullion hub. The review meeting included secretaries from the Centre, Gujarat Finance Minister Kanubhai Desai, and representatives from the Reserve Bank of India, Securities Exchange Board of India, the Insurance Regulatory and Development Authority of India, and the IFSCA.
Mint
2 days ago
- Business
- Mint
Make GIFT City more attractive for HNIs, sovereign and pension funds, says Sitharaman
New Delhi: Finance minister Nirmala Sitharaman on Thursday urged regulators and stakeholders at GIFT City to speed up efforts to attract more foreign capital into the country through structured and well-regulated mechanisms, emphasising the need to position the financial hub as a globally competitive gateway. During her visit to the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar on Thursday, Sitharaman emphasised the need to make GIFT IFSC competitive and cost-effective to attract high-net-worth individuals' (HNI) investments into the country, said an official statement. The minister, who was accompanied by a team of secretaries from the central government to review its progress and consult market participants at GIFT City, also underlined the potential of International Financial Services Centers Authority's (IFSCA) role in mobilizing sovereign and pension funds at IFSC for financial needs of the country. IFSCA is a unified authority for financial products, financial services and financial institutions in International Financial Services Centres. Reiterating the financial services centre's core mandate of bringing foreign capital into India through structured and well-regulated channels, the minister also highlighted the need for Indian financial sector regulators to take initiatives in this direction. Sitharaman said India has the twin advantage technology and availability of a very large domestic market. Sitharaman's high-level review meeting was attended by Kanubhai Desai, Gujarat's minister of finance, energy and petrochemicals, Hasmukh Adhia, Chairperson, GIFT City Co. Ltd., K Rajaraman, Chairperson, IFSC Authority, and officials from the RBI, SEBI, IRDAI and IFSCA. GIFT City and IFSCA officials presented key policy, regulatory, and tax reforms aimed at positioning the IFSC as a leading global financial centre. Sitharaman underscored its role in enhancing India's global financial standing and acknowledged its impact on reshaping international financial engagement by Indian companies and individuals, said the statement. Given India's status as a major gold importer, the minister stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, thereby positioning GIFT IFSC as a global bullion hub, the statement said. Sitharaman interacted with senior representatives from 21 institutions across banking, insurance, capital markets, funds industry, finance companies, payment services providers, aircraft and ship leasing firms, techfin firms and foreign universities. Market participants suggested additional initiatives required for growth of financial services business. Sitharaman said GIFT IFSC should be developed as a prominent gateway for global capital flows into India to feed the needs of high growth sectors for India's growth trajectory over the next two decades. She emphasised on the importance of developing GIFT City into a dynamic smart city, equipped with integrated, modern, and sustainable living infrastructure. 'Establishing such world-class amenities is essential to attracting top-tier talent from both domestic and international markets,' the statement said, quoting the minister. The government has an unwavering commitment to establish India as a premier global financial services hub as per Prime Minister Narendra Modi's vision for a Viksit Bharat by 2047, the statement said. (ends) gireesh.p@
Associated Press
2 days ago
- Business
- Associated Press
Intellect launches PF Cloud, World's First Open Business Impact AI Platform, Purple Fabric on Cloud at GIFT City
Built on PF Cloud at GIFT City, Purple Fabric enables enterprises to shift from AI experimentation to measurable business impact 'With this launch, we are not offering another AI tool, we are laying the foundation for enterprise transformation'— Arun Jain, Chairman and Managing Director of Intellect GIFT CITY, INDIA, June 26, 2025 / / -- Intellect Design Arena Ltd, a global leader in first-principle-based enterprise-grade financial technology, today announced the launch of PF Cloud, the world's first Open Business Impact AI Platform, Purple Fabric on PF Cloud at GIFT City, India's flagship International Financial Services Centre (IFSC). Anchored in GIFT City's globally competitive, regulation-compliant ecosystem of fintechs, global banks, regulators, and infrastructure providers, this strategic launch marks a significant step in advancing India's vision of becoming a Global AI Services Hub. Intellect's Open Business Impact AI Platform on PF Cloud is a culmination of over a decade of research and 20 million engineering hours, designed to help enterprises move from experimentation to enterprise-grade, accountable AI adoption. Arun Jain, Chairman and Managing Director of Intellect and Chief Architect of Purple Fabric, said, 'With this launch, we are not offering another AI tool, we are laying the foundation for enterprise transformation. Purple Fabric, the Open Business Impact AI Platform on PF Cloud at GIFT City is purpose-built for delivering business impact. It empowers institutions to build intelligence into the very fabric of their operations while staying compliant, secure, and scalable.' Reimagining AI for the Enterprise Purple Fabric redefines the way enterprises engage with Artificial Intelligence. While many organisations are trapped in the 'pilot paradox', testing horizontal tools without measurable outcomes, Purple Fabric delivers a fundamentally new approach. It moves away from generic AI assistance to enterprise-wide, agentic AI systems, powered by design thinking and anchored in contextual business knowledge. Built using the principles of First Principles Thinking, Design Thinking, and System Thinking, Purple Fabric enables organisations to construct an enterprise-grade AI operating layer with embedded governance, traceability, and performance optimisation. It allows institutions to shift from siloed experimentation to connected intelligence, unlocking both scale and speed. Hosted within GIFT City's IFSC, PF Cloud is a sovereign, cloud-native infrastructure designed for secure and compliant AI innovation. It offers a robust foundation for institutions seeking to operate across borders while ensuring adherence to local data and governance mandates. It provides a data-localised, compliance-aligned environment suited for regulated industries, with granular, role-based governance that enables auditability, traceability, and control. Its architecture supports secure, multi-tenant deployments through workspace-level isolation and is built to scale for high-performance enterprise delivery across jurisdictions. This launch positions PF Cloud as a catalyst for enterprise AI adoption within the trusted policy and regulatory framework of GIFT City. Built on Four Powerful Technology Stacks Purple Fabric is architected as a composable AI platform, unifying knowledge, AI agents, model orchestration, and enterprise governance into a single, deployable foundation. It is built on four integrated technology stacks: - Enterprise Knowledge Garden (PF EKG): Serves as the enterprise's curated memory, bringing together structured data, unstructured content, and tacit institutional knowledge. It creates the contextual backbone for all AI responses, enabling reasoning, decision support, and consistent enterprise-wide understanding. - Enterprise Digital Experts (PF EDE): Designed to work alongside human teams. These experts bring over 95% accuracy and are tailored for functional roles across customer engagement, operations, compliance, and more, enabling rapid deployment of AI use cases without the cost or risk of building from scratch. - Enterprise Governance (PF GOVERN): Establishes a robust, federated governance layer across all AI activities. It provides built-in controls for explainability, entitlement, traceability, and compliance. With role-based access, audit trails, and policy enforcement, enterprises can confidently scale AI with assurance of regulatory alignment and operational integrity. - LLM Model Optimisation Hub (PF MOH): PF MOH intelligently orchestrates the use of large language models, selecting the right model for the right task based on parameters like accuracy, latency, and cost. It enables enterprises to balance performance and efficiency while retaining full control over model behaviour, mitigating risks and optimising AI investments. Rather than just offering point solutions, Purple Fabric serves as a strategic AI foundation for institutions, enabling them to build differentiated capabilities in customer engagement, operations, product innovation, compliance, and enterprise decision-making. By launching Open Business Impact AI on PF Cloud at GIFT City, Intellect underscores its commitment to building open, secure, and scalable AI infrastructure for India and the world. The platform has been engineered to support India's aspiration of digital self-reliance, while being fully interoperable with global standards of governance and performance. 'AI must be outcome-led and organisation-owned,' added Arun Jain. 'With PF Cloud, we are offering institutions the tools to architect their own intelligence, reduce complexity, and drive transformative outcomes – at scale and with confidence.' About Intellect Design Arena Limited Intellect Design Arena Ltd is a global leader in enterprise-grade financial technology, delivering composable and intelligent solutions to financial institutions in 57 countries. With three decades of domain expertise, we offer full spectrum banking and insurance products across Wholesale and Consumer Banking, Central Banking, Wealth, Capital Markets, Insurance, Treasury, ESG, and Digital Technology for Commerce. Intellect applies First Principles and Design Thinking to elementalise financial services into Events, Microservices, and APIs, enabling faster, modular transformation. At the core are three platforms: the world's most comprehensive open finance platform; Purple Fabric, the world's first Open Business Impact AI platform; and iTurmeric, a composable integration and configuration platform, empowering institutions to modernise with agility, intelligence, and control. Intellect is a pioneer in applying Design Thinking and our 8012 FinTech Design Center, the world's first Design Center dedicated to Design Thinking Principles, underscores our commitment to continuous and impactful innovation, addressing the ever-growing need for digital transformation. We proudly serve over 500+ customers worldwide, supported by a diverse workforce of solution architects and domain and technology experts in major global financial hubs. For more information about Intellect, visit For Media related info, please contact: Nachu Nagappan Intellect Design Arena Ltd Mob: +91 89396 19676 Email: [email protected] Nachu Nagappan Intellect Design Arena Limited +91 89396 19676 email us here Visit us on social media: LinkedIn Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. 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