Maharashtra sets up task force to develop International Finance Service Centre in Mumbai

New Delhi(PTI): The Maharashtra government has constituted a task force under Union Minister of State for Finance Jayant Sinha for setting up an International Financial Service Centre (IFSC) in Mumbai. Developing a designated area within the Bandra Kurla Complex (BKC) in suburban Bandra as an IFSC is one of the most ambitious projects of the state government.

Jayant Sinha

“Mumbai has all the required credentials to become a global financial hub. In order to ensure timely completion of this important initiative, the state government has set up a task force with key members from both state and central government,” a Government Resolution (GR) issued last week said.

The task force includes — Union Minister of State for Finance Jayant Sinha (chairman), Lok Sabha MP from Mumbai North Central Poonam Mahajan (deputy chairman), Maharashtra Chief Secretary Swadheen Kshtriya, MMRDA Commissioner U P S Madan, Principal Secretary Urban Development (1) Nitin Kareer and a representative from the Department of Economic Affairs, Government of India.

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Officer on Special Duty (OSD) in the Chief Ministers Office (CMO) Kaustubh Dhavse will be Member Convenor. The task force will be required to plan and oversee the development of designated areas at BKC, the GR said.

Also, it will regularly review the progress of all stakeholders, take various decisions and issue directives to departments of the state and the centre.

Mumbai Metropolitan Region Development Authority (MMRDA) will assist the task force in arranging meetings with various groups and site visits. Logistics shall be provided by MMRDA as required by the committee, the GR added.

The heads of a public sector and a private sector bank, a representative from the Reserve Bank of India (RBI), an expert on capital markets, a foreign regulator, an urban planner among others will be invitees to help the task force in its endeavour to develop the IFSC.