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  • DAILY CURRENT AFFAIRS:Expert Committee on Longevity Finance recommends setting up of Longevity Hub at GIFT-IFSC

Expert Committee on Longevity Finance recommends setting up of Longevity Hub at GIFT-IFSC

Tags: Economy/Finance

The Expert committee on Longevity finance  set up by the International Finance Services Centers Authority (IFSCA) has recommended setting up of a  Global Longevity Hub in GIFT (Gujarat International  Financial Tech City )-IFSC(International Financial Service Center).

  • The Expert committee was co-chaired by Ms. Kaku Nakhate, Country Head (India), Bank of America and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Co. Ltd.

  •  The Expert Committee  observed that people over 60 years old are still very much a highly productive demographic group in terms of purchasing power.  

  • It  suggested that the hub should focus on developing the longevity economy by offering various longevity finance solutions in coordination with leading corporations and financial institutions.

GIFT

Gujarat International Financial Tech City(GIFT) is a Special Economic zone (SEZ)which is being developed in Gandhinagar Gujarat . It is an emerging global financial and IT services hub.

 It is being developed by the Gujarat government .

IFSC (International Financial Service Center ) 

India’s first International Financial Service Center (IFSC) has been set up at GIFT city .

It deals with customers who are outside India . It provides financial products and services like banking, insurance ,etc to foreign customers . It has a well developed Capital market including stock exchanges .

 It  is regulated by the International Financial Service Centers Authority (IFSCA).

Chairman of IFSCA: Injeti Srinivasan 

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