Sun, 06 May 2012 11:40:25 GMT | By Anjana Chandramouly

Bangalore eyes financial businesses

After making a mark as an IT hub, Bangalore is hoping to evolve as a financial centre with the creation of a dedicated facility for companies in financial services. It has the software in the form skilled human resource, presence of global leaders in financial services and allied sectors and a proven capability to attract the needed resources. All that remains is to assemble the hardware – a dedicated financial city.

Bangalore eyes financial businesses

Such a facility will offer multiple benefits in terms of downstream development and also diversify its economic strength which is now dependent on IT.

On April 8, the Finance Minister laid the foundation stone for a financial city in Bangalore. The IFCI Financial City will come up near the international airport, at the Hardware Park on Bagalur Road.

The Karnataka Government has allotted 50 acres for this project, to be developed by IFCI Infrastructure Development Ltd (IIDL), which is to develop the facility in association with banks and financial institutions.

Explaining the financial city, Mr P.V. Srinivas, Managing Director, IIDL, says that it will be a hub where all participants in the financial system have their offices. "It will be a one-stop-shop for all those who would like to avail of financial services."

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