IFSCA sets up group to suggest on longevity finance hub

Gift-City regulator, IFSCA (International Financial Services Centres Authority) has set up an expert committee to suggests on approach towards development of Longevity Finance Hub in Gift-City of Gujarat.

About Expert Committee

• Expert committee will be co-chaired by Kaku Nakhate, President & Country Head (India) of Bank of America and Gopalan Srinivasan, Ex-CMD of New India Assurance Company Limited.
• Members of the committee comprises leaders from entire longevity finance ecosystem and areas like banking, insurance, wealth management, legal, compliance fintech and management consultancy.

Why expert committee was set up?

As per Global estimates, there are one billion people in silver generation (a global cohort of individuals aged 60 and above) having a combined spending power of $15 trillion. This size is ever expanding. By 2040, there will be more members of silver generation than people under 20. This demographic change will bring about new challenges & opportunities in areas of wealth management, insurance, health, and other investment products. Development in medicinal science and technology will support in extending lifespan and longevity of silver generation. Thus, an expert committee was set up to suggest on same.

International Financial Services Centres Authority (IFSCA)

IFSCA was established on April 27, 2020 in accordance with International Financial Services Centres Authority Act, 2019. Its headquarter is at GIFT City, Gandhinagar in Gujarat. It is a unified authority of developing and regulating financial products, financial services and financial institutions. Currently, it is a maiden international financial services centre of India.

Objective of IFSCA

Primary objective of IFSCA is to develop a strong global connect. It also focuses on needs of Indian economy and serves as an international financial platform for entire region and global economy.

Month: Current Affairs - July, 2021