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Maharashtra Government constituted a task force for setting up an IFSC in Mumbai

Dec 15, 2015 14:14 IST

The Maharashtra government on 11 December 2015 constituted a task force for setting up an International Financial Service Centre (IFSC) in Mumbai. The task force will be headed by Union Minister of State for Finance Jayant Sinha.

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 UPS Madan
• Principal Secretary Urban development Nitin Kareer
• A representative from the Department of Economic Affairs, Union Government
• 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 Bandra Kurla Complex (BKC). They will also review the process of all stakeholders, take various decisions and issue directives to departments of the state and the Union Government.

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

As per plan, the IFSC will be developed within the BKC in suburban Bandra. Developing a designated area in BKC is one of the most ambitious projects of the Maharashtra Government.
Earlier in the first week of December 2015, the state government issued a Government Resolution (GR) to make sure that the initiative is completed within time.

As per reports, 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.

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