FinTech Hub (formerly known as ''International Financial Hub'') is a

financial Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

commercial Commercial may refer to: * (adjective for) commerce, a system of voluntary exchange of products and services ** (adjective for) trade, the trading of something of economic value such as goods, services, information or money * a dose of advertising ...

centre and

business district Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessar ...

located in

New Town New or NEW may refer to: Music * New, singer of K-pop group The Boyz (South Korean band), The Boyz * New (album), ''New'' (album), by Paul McCartney, 2013 ** New (Paul McCartney song), "New" (Paul McCartney song), 2013 * New (EP), ''New'' (EP), ...

city, which lies outskirts of

Kolkata Kolkata, also known as Calcutta ( its official name until 2001), is the capital and largest city of the Indian state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary ...

under its

metropolitan area A metropolitan area or metro is a region consisting of a densely populated urban area, urban agglomeration and its surrounding territories which share Industry (economics), industries, commercial areas, Transport infrastructure, transport network ...

in the state of

West Bengal West Bengal (; Bengali language, Bengali: , , abbr. WB) is a States and union territories of India, state in the East India, eastern portion of India. It is situated along the Bay of Bengal, along with a population of over 91 million inhabi ...

, India. The hub has the presence of a large number of banking,

companies and

legal Law is a set of rules that are created and are law enforcement, enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a Socia ...

institutions. Many major companies have their headquarters, offices and training centres operational or under construction.

History and timeline

International Financial Hub

In 2010, inspired by the

Bandra Kurla Complex The Bandra Kurla Complex is the central business district of the city of Mumbai, the financial capital of India. It is a prominent upscale hub and is considered to be one of the most expensive neighbourhoods in the world. According t ...

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

and to turn Kolkata into an international financial centre, the then chief minister of West Bengal

Buddhadeb Bhattacharjee Buddhadeb Bhattacharjee (1 March 1944 – 8 August 2024) was an Indian Communism, communist politician and a member of the Politburo of the Communist Party of India (Marxist), who served as the 7th List of Chief Ministers of West Bengal, Chief M ...

and finance minister Asim Dasgupta proposed an International Financial Hub on 100 Acres of land in

. The union finance minister of that time,

Pranab Mukherjee Pranab Kumar Mukherjee ( ; born, 11 December 1935 – 31 August 2020) was an Indian statesman who served as the president of India from 2012 until 2017. He was the first person from West Bengal to hold the post of President of India. In a pol ...

laid the foundation stone of the project on 13 October 2010. The project had a deadline to be completed in five years.

State Bank of India State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...

UCO Bank UCO Bank, formerly United Commercial Bank, is an Public sector banks in India, Indian public sector bank, and financial services government owned body headquartered in Kolkata. It is a medium sized Public sector banks in India, public sector ban ...

, erstwhile

United Bank of India United Bank of India (UBI) was an Indian nationalized bank which provided financial and banking services. Established in 1950 and headquartered in Kolkata, the bank was nationalised by the government of India in 1969 becoming one of public sec ...

and UTI Mutual Fund stated to invest and agreed to build their offices in the hub. In 2011, the new chief minister of West Bengal

Mamata Banerjee Mamata Banerjee (; born 5 January 1955) is an Indian politician who is serving as the eighth and current List of chief ministers of West Bengal, chief minister of the States and union territories of India, Indian state of West Bengal since 2 ...

restarted the project and laid the foundation stone again on 10 March 2012. While the previous Government accorded the project to a private company, this time the project was given to

HIDCO West Bengal Housing Infrastructure Development Corporation (abbreviated as HIDCO) is a Government of West Bengal owned Government-owned corporation, public sector undertaking headquartered in Narkelbagan, Action Area- I of New Town, Kolkata, Ne ...

. Up to 2014, 35.76 Acres were in use and out of 23 plots, 11 plots were booked. Banks and financial institutions like the

NIC Nic is a gender-neutral given name, often short for Nicole, Nicholas, Nicola, or Dominic. It is also a component of Irish-language female surnames. It may refer to: Arts and entertainment * Nic Dalton (born 1964), Australian musician * Nic En ...

, erstwhile

, Union Bank,

Bank of Baroda Bank of Baroda (BOB or BoB) is an Public sector banks in India, Indian government Public sector bank headquartered in Vadodara, Gujarat. It is the third largest Public sector banks in India, public sector bank in India after State Bank of India ...

Allahabad Bank Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India. Founded in Allahabad in 1865 and nationalized by the government of India in 1969, the bank provided banking and financial services for 155 years until it wa ...

Corporation Bank Corporation Bank was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking uni ...

, Sriram Credit and West Bengal Financial Corporation and the HIDCO had their offices. In 2014, National Green Tribunal, a legal firm set up their centre.

2017 relaunch as FinTech hub

In 2017, the project was relaunched as a FinTech hub. The purpose was to develop

financial technology Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

industry in West Bengal. In 2020, 23 financial institutions had their offices setup in the hub. First 10 Acres were identified which was afterwards expanded. On 10 September 2021, HIDCO released an online portal for owing plots easily. Up to September 2021, 48 acres were allotted in 70 Acres. As of 2022, 28 financial and legal institutions have their offices in fintech hub.

Overview

As of 2022, there are 28 financial banking or legal companies in fintech hub.

Banking companies

Bandhan Bank Bandhan Bank Ltd. is a banking and financial services company, headquartered in Kolkata, West Bengal. History Bandhan was set up in 2001 as a not-for-profit entity with the objective of financial inclusion and women empowerment. It started i ...

and erstwhile

have their headquarters at the hub.

has their largest training centre at the hub. Other banking institutions like

Punjab National Bank Punjab National Bank alias PNB is an Public sector banks in India, Indian government bank based in New Delhi. It was founded in May 1894 and is the List of banks in India, second-largest public sector bank in India in terms of its business volum ...

also have staff and executive training centres in FinTech hub.

Financial organisations

National Insurance Company National Insurance Company Limited (NICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia ...

, a leading insurance provider in India has their headquarters in the region. Government institutions like West Bengal Financial Corporation and West Bengal Infrastructure Development Finance Corporation have planned their offices at the hub. Other companies include Sriram Credit, Credit Company, New India Assurance.

Vertical City

Vertical City is a planned high-rise, mixed use skyscraper. , the building is projected to have 38 stories, a mixture of commercial, startup, and residential spaces, and cost 163 crore.

Facilities

Fintech hub has FAR relaxation up to 6.0 which allows larger floor area construction.

List of office buildings or institutional centres

This is a list of companies which have taken plot in FinTech hub and set up offices/ units/ training centres or financial centres.

Transport

Fintech Hub is located on the lines of

Biswa Bangla Sarani Biswa Bangla Sarani is a 33 km long road in Kolkata Metropolitan Area, India. It starts from Netaji Subhas Chandra Bose International Airport and ends at Garia Kamalgazi. The road passes through Kaikhali, Haldiram ( Teghoria), New Town, Salt ...

Kolkata Metro The Kolkata Metro is a Urban rail transit in India, rapid transit system serving the city of Kolkata and the Kolkata metropolitan area, Kolkata Metropolitan Region in West Bengal, India. Opened in 1984, it was the first operational rapid trans ...

's Orange Line serves as the rapid transit of the area.

References

{{Reflist Financial districts in India Technology in society Economy of West Bengal Economy of Kolkata Business parks of India New Town, Kolkata