Emergence of regional financial centres will help widen and deepen finance inclusion in the country, the Finance Minister, Mr Pranab Mukherjee, said in Bangalore on Sunday.
Addressing an event to lay the foundation stone for IFCI Financial City, Mr Mukherjee, said that currently there is a concentration of financial sector entities in one or two cities.
“One of the constraints in the development of regional financial centres is that there are no good infrastructure facilities,” he pointed out. About 15 banks and financial institutions have registered to participate in the 50-acre financial city, located near the international airport in Bangalore.
“With this project and associated income generation, Bangalore will increase its importance in the national economy in general and financial sector in particular,” Mr Mukherjee said.
This project will encourage investments and employment in Karnataka, he added.
The Karnataka Chief Minister, Mr D.V. Sadananda Gowda, said that the Rs 1,000-crore project would be model for similar projects across the country. Mr Murugesh R. Nirani, State Minister for Large and Medium Industries, said that the State Government would allot additional land needed for this project in the future.