The HDFC Bank group on Thursday, August 17, launched its asset management and life insurance services at GIFT City in Ahmedabad, Gujarat, Inida's international finance centre.

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"I am extremely grateful to all present here today as we mark another important milestone for the HDFC Bank conglomerate with the inauguration of HDFC International Life & Re, IFSC Branch, and HDFC AMC International (IFSC)," said Deepak Parekh, chairman of HDFC AMC and HDFC Life.

HDFC Life International will be offering US dollar-denominated life and health insurance solutions for NRIs as well as the global Indian diaspora, while HDFC AMC International would be offering fund management and advisory solutions as part of its offshore hub, he said.

"For the insurance and asset management business in particular, a presence in GIFT City is extremely beneficial especially since penetration levels remain so low in both these sectors," Parekh said.

Elaborating, he said life insurance makes up for just 3.2 percent of the country's GDP compared to the global average of 7 percent, while mutual funds are 17 percent of GDP, while the world average is 80 percent.

"So we do have a long way to go, but I am confident that GIFT City will enable the country to facilitate the development of a strong base of international financial services in the country," he said.

With this, the three entities of the group — bank, life insurance company, and asset management company — have a presence in GIFT City.

Parekh said he believes GIFT City stands as a testament to fulfilling India's aspirations to become a global financial powerhouse.

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