Despite SVB Failure Indian Startups Avoid GIFT City | Why Are Indian Startups Avoiding GIFT City?

Silicon Valley Bank collapse has led to around $200 million worth of deposits of Indian start-ups withdrawn from the bank being moved to the Gujarat International Finance Tec-City (GIFT City). While estimates suggest that over a billion dollars of deposits of Indian start-ups were parked in SVB. Despite the efforts by Indian banks to offer Indian Startups an option of depositing the money into their respective GIFT City branches, they have avoided GIFT City.
GIFT (Gujarat International Finance Tec-City) City conceptualized to be an international financial hub is located in Gandhinagar, Gujarat. It consists of a multi-service Special Economic Zone (SEZ), which houses India’s first International Financial Services Centre (IFSC) and an exclusive Domestic Tariff Area (DTA). Fintech platforms have partnered with banks such as RBL, ICICI and Kotak to set up these US Dollar banks in GIFT City.
Why are Indian Startups apprehensive about transferring their SVB money back to India? Do GIFT City banks rely on SWIFT? What is SWIFT? How has SVB collapse affected Indian Startups? for answers to these questions and much more, watch this video. Don't forget to like, share and subscribe to our RUclips channel for more such current affairs videos for your UPSC preparation.
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