‘Telangana’ govt woos BFSI players at Mumbai

In a bid to attract big bucks from the booming banking, financial services and insurance (BFSI) industry, the Telangana government on Friday organized a road show in Mumbai, for promoting the state and discussing investment opportunities in the area.

Telangana IT minister K T Rama Rao addressed a gathering of leaders from national and multi-national banking corporations, and other financial services firms in Mumbai, and invited them to set up as well as expand their operations in Hyderabad, the state government said in a release. Rao said the goal of the government was to develop the city into a global financial hub on the lines of New York, London, Tokyo and Mumbai. He said Hyderabad already has the presence of global corporations like Wells Fargo, HSBC, UBS (Cognizant), Bank of America, RBS, HDFC and Nova Scotia Bank.

Highlighting the advantages of the financial district, he said Hyderabad – a low seismic activity zone — is the ideal location for financial corporations to set up their disaster recovery centers. The presence of the head office of IRDA provides a conducive environment for both life and non-life insurance firms to start or scale up operations in the city, he added.

Source: The Times of India

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