PFC Secures RBI Approval for IFSC Finance Company in GIFT City

In a positive development, Power Finance Corporation (PFC) witnessed a nearly one percent surge in early trade on January 10, following the green light from the Reserve Bank of India (RBI) to establish a finance company within Gujarat’s GIFT City, an International Financial Services Centre (IFSC).

RBI Nod Boosts PFC Shares

The RBI issued a no objection letter on January 9, signaling approval for PFC’s venture into setting up a finance company at GIFT City. This move is anticipated to elevate PFC’s standing in the financial sector.

Strategic Partnership with Gujarat Government

Prior to this milestone, PFC had already entered into an initial agreement with the Gujarat government. The agreement focused on PFC providing comprehensive financial support for the state’s projects related to power generation, transmission, and distribution.

Global Expansion and Business Prospects

PFC’s foray into the IFSC at GIFT City is expected to unlock new business avenues and solidify the company’s global footprint. This strategic move aligns with PFC’s objective to establish a strong presence beyond domestic borders.

Important Questions Related to Exams

  1. What led to the nearly 1% surge in Power Finance Corporation (PFC) shares on January 10?

  2. On January 9, what significant development did the Reserve Bank of India (RBI) announce regarding PFC’s operations in Gujarat’s GIFT City?
  3. Prior to the RBI approval, what strategic partnership had PFC entered into, and with whom?
  4. How does PFC’s entry into the International Financial Services Centre (IFSC) at GIFT City align with its overall business objectives?

Please provide your answers in the comment section!!

 

 

Piyush Shukla

Recent Posts

National Mathematics Day 2024: Celebrating Srinivasa Ramanujan

Every year on December 22, India celebrates National Mathematics Day. This date marks the birth…

8 hours ago

Current Affairs Flash 22nd December Based Quiz

In competitive exams like SSC, Defence, State Exams, and Railways, current affairs are crucial. This…

14 hours ago

Ukraine Strikes Russian High-Rises in Kazan: 9/11-like Attack

On Saturday, December 21, 2024, several explosive-laden drones, believed to be part of Ukraine's ongoing…

1 day ago

Which District of Uttar Pradesh is Known as the Moonj City?

Uttar Pradesh, one of India's most populous states, is known for its rich cultural and…

1 day ago

55th GST Council Meeting: Key Highlights and Proposals

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, convened ministers from 28…

1 day ago

24th BIMSTEC Senior Officials Meeting (SOM)

India participated in the 24th BIMSTEC Senior Officials Meeting (SOM), hosted virtually by Thailand on…

1 day ago