Maharashtra Revenue Minister Balasaheb Thorat on Saturday said the Centre''s move to locate the International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) in Gandhinagar was aimed at reducing Mumbai''s stature as the financial capital of the country.

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A notification establishing IFSC in Gandhinagar was issued recently by the Centre.

"The central government''s decision to locate the IFSC to Gujarat is disappointing and is being done to reduce Mumbai''s stature. The centre should reconsider its decision," tweeted Thorat, who also heads the Maharashtra Congress unit.

Stating that Mumbai has been the financial capital of the country, the Congress leader questionned "silence" of the state BJP leadership on the issue.

Currently, banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators -- the RBI, Securities and Exchange Board of India (Sebi), and Insurance Regulatory and Development Authority of India (Irdai).