About Indian Renewable Energy Development Agency (IREDA):
- Nodal Ministry: The Ministry of New and Renewable Energy (MNRE).
- It was set up as a specialized non-banking finance agency for the renewable energy sector.
- IREDA plays a key role in renewable energy project financing which gives confidence to the financial institutions/banks to lend in the sector.
Key facts about the GIFT City
- The Gujarat International Finance Tec-City (GIFT City) is India’s first and only International Financial Services Centre (IFSC) where banks, stock exchanges and financial services firms have set up their global operations.
- It consists of a multi-service Special Economic Zone (SEZ), which houses India’s first International Financial Services Centre (IFSC) and an exclusive Domestic Tariff Area (DTA).
What is IFSCA?
- It is a statutory authority established under the International Financial Services Centres Authority Act, 2019.
- Mandate: To develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (‘IFSC’).
- Before the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
- GIFT-IFSC is the maiden IFSC in India.
- The International Financial Services Centres Authority consists of nine members, appointed by the central government.
- Term: All members of the IFSC Authority will have a term of three years, subject to reappointment
