FinTech Hub, Kolkata

Last updated
FinTech Hub
CountryIndia
State West Bengal
District North 24 Parganas
Region Kolkata Metropolitan Area
City New Town
DivisionNew Town CBD
Established13 October 2010 (2010-10-13) [1]
Established asInternational Financial Hub
Relaunched2017 [2]
Relaunched asFinTech Hub Kolkata
Area
[1]
  Total30 ha (70 acres)
Language
  Official Bengali, English
Time zone IST
Administrative body West Bengal Housing Infrastructure Development Corporation
Rapid transit Kolkata Metro Orange Line
Based on Financial technology
Website bengalfintechhub.in

FinTech Hub (formerly known as International Financial Hub) is a financial, commercial centre and business district located in the CBD of New Town city, which lies outskirts of Kolkata under its metropolitan area in the state of West Bengal, India. [3] The hub has the presence of a large number of banking, financial companies and legal institutions. Many major companies have their headquarters, offices and training centres operational or under construction.

Contents

History and timeline

International Financial Hub

In 2010, inspired by the Bandra Kurla Complex in Mumbai and to turn Kolkata into an international financial centre, the then chief minister of West Bengal Buddhadeb Bhattacharjee and finance minister Asim Dasgupta proposed an International Financial Hub on 100 Acres of land in New Town. The union finance minister of that time, Pranab Mukherjee 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, UCO Bank, erstwhile United Bank of India and UTI Mutual Fund stated to invest and agreed to build their offices in the hub. [1]

In 2011, the new chief minister of West Bengal Mamata Banerjee 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. [1] 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, State Bank of India, UCO Bank, erstwhile United Bank of India, Union Bank, Bank of Baroda, Allahabad Bank, Corporation Bank, Sriram Credit and West Bengal Financial Corporation and the HIDCO had their offices. [4] In 2014, National Green Tribunal, a legal firm set up their centre. [5]

2017 relaunch as FinTech hub

In 2017, the project was relaunched as a FinTech hub. The purpose was to develop financial technology industry in West Bengal. In 2020, 23 financial institutions had their offices setup in the hub. [2] First 10 Acres were identified [6] which was afterwards expanded. On 10 September 2021, HIDCO released an online portal for owing plots easily. [7] [8] Up to September 2021, 48 acres were allotted in 70 Acres. [1] As of 2022, 28 financial and legal institutions have their offices in fintech hub. [3]

Overview

As of 2022, there are 28 financial banking or legal companies in fintech hub. [3]

Banking companies

Bandhan Bank and erstwhile United Bank of India have their headquarters at the hub. [9] State Bank of India has their largest training centre at the hub. [10] Other banking institutions like UCO Bank, [11] Punjab National Bank also have staff and executive training centres in FinTech hub. [4]

Financial organisations

National Insurance Company, a leading insurance provider in India has their headquarters in the region. [12] Government institutions like West Bengal Financial Corporation and West Bengal Infrastructure Development Finance Corporation have planned their offices at the hub. [1] [3] Other companies include Sriram Credit, Credit Company, New India Assurance. [1] [3] [4]

Vertical City

Vertical City is a planned high-rise, mixed use skyscraper. As of March 2023, the building is projected to have 25 stories, a mixture of commercial, startup, and residential spaces, and cost 163 crore. [13]

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.

CompanyTypeBuilding typeStatus (As of June 2023)Ref(s)
National Insurance Company FinancialHeadquartersOperational [12]
State Bank of India BankingStrategic and executive training unitOperational [10]
Bandhan Bank BankingHeadquartersUnder construction [14]
OfficeUnder construction
UCO Bank BankingOfficeOperational [14]
Strategic and executive training unitOperational [15]
Union Bank BankingOfficeUnder construction [14]
Bank of India BankingOfficeUnder construction [14]
National Green Tribunal LegalOfficeOperational [5]
Karnataka Bank BankingOfficeOperational [14]
HDFC Bank BankingHeadquarters of Eastern India divisionUnder construction [14]
Currency chestUnder construction
Directorate of Revenue Intelligence Government of India agencyOfficeOperational [14]
Institute of Chartered Accountants of India FinancialCampusUnder construction [14]
Punjab National Bank BankingStaff training centreUnder construction [14]
Oil and Natural Gas Corporation Energy: Oil and gas East India headquartersUnder construction [14]
Canara Bank BankingOfficeUnder construction [14]
West Bengal Finance Corporation Government of West Bengal agencyHeadquartersUnder construction [14]
HIDCO Government of West Bengal agencyOfficeUnder construction [14]
West Bengal Infrastructure Development Finance Corporation Government of West Bengal agencyHeadquartersUnder construction [14]
Axis Bank BankingOfficeUnder construction [14]
Allahabad Bank BankingOfficeTBD [14]
Income Tax Appellate Tribunal Government of India agencyOfficeTBD [14]
Bank of Baroda BankingOfficeTBD [14]
Corporation Bank BankingOfficeTBD [14]
Bank of Baroda BankingOfficeTBD [14]
Sriram Credit companyFinancialOfficeTBD [14]
Vijaya Bank BankingOfficeTBD [14]
Andhra Bank BankingOfficeTBD [14]
Syndicate Bank BankingOfficeTBD [14]
Indian Bank BankingOfficeTBD [14]
New India Assurance FinancialOfficeTBD [14]
FoxMandalLegalOfficeTBD [14]

Transport

Fintech Hub is located on the lines of Biswa Bangla Sarani. Kolkata Metro's Orange Line serves as the rapid transit of the area.[ citation needed ]

See also

Related Research Articles

UCO Bank, formerly United Commercial Bank, is an Indian public sector bank, and financial services statutory body headquartered in Kolkata. UCO Bank is the 10th largest public sector bank in India by total asset and ranked 1948 in Forbes Global 2000 list of year 2018 & ranked 80 on the Fortune India 500 list in 2020. During FY 2022–23, its total business was 4.10 lakh crore. The market capitalisation of bank is 48,947.69 crore (2023).

<span class="mw-page-title-main">B. B. D. Bagh</span> Neighbourhood in Kolkata in West Bengal, India

Binoy-Badal-Dinesh Bagh, shortened as B. B. D. Bagh, formerly called Tank Square and then Dalhousie Square, is the administrative, financial and commercial region and one of the central business districts of Kolkata, capital of the Indian state of West Bengal. It is the seat of Government of West Bengal and houses all three branches of it. The area consists Writers' Building, the official state secretariat building, Raj Bhavan, the residence of Governor of West Bengal, Vidhansabha Bhavan, the building housing the West Bengal Legislative Assembly and also the Calcutta High Court.

<span class="mw-page-title-main">New Town, Kolkata</span> Smart City and satellite city of Kolkata, India

New Town is a posh planned smart city located in the North 24 Parganas district of West Bengal state in India. Being one of the satellite cities of state capital Kolkata to the east. It is administered by NKDA. New Town is declared as a "Solar City" and "Smart Green City" by Government of India.

<span class="mw-page-title-main">Economy of Kolkata</span>

Kolkata is the prime business, commercial and financial hub of eastern India and the main hub of communication for the North East Indian states. Kolkata is the third largest city by GDP in India after Mumbai and Delhi, with a GDP of $160 billion (PPP). Kolkata is home to India's oldest, stock exchange company (bourse) – The Calcutta Stock Exchange. Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include Steel, Heavy engineering, Mining, Minerals, cement, pharmaceuticals, Food processing, Agriculture, electronics, textiles, and jute.

<span class="mw-page-title-main">West Bengal Electronics Industry Development Corporation</span>

West Bengal Electronics Industry Development Corporation Limited (WEBEL) is an public sector company owned by Department of Information Technology and Electronics, Government of West Bengal which works on IT, ITeS, electronics industry, technology development and it's related industries. Based in Indian state of West Bengal and headquartered in Salt Lake city near Kolkata, it was incorporated in 1974 with the objective of developing the electronics industry in West Bengal.

<span class="mw-page-title-main">Cyber City, Gurgaon</span> Corporate park in Haryana, India

DLF Cyber City is a commercial area in Gurugram, Haryana, India, which was opened in 2003. The area is home to several top IT and Fortune 500 company offices. The area has been termed a "futuristic commercial hub" and is considered one of the largest hubs of IT activity in Delhi NCR. Cyber City lies near Udyog Vihar, which is a conventional industrial area on the opposite side of NH-48.

Kolkata Monorail was a rail-based transit project planned for the city of Kolkata, West Bengal, India. This was the first proposed monorail in the country.

<span class="mw-page-title-main">Eco Park, New Town</span> Urban park in Rajarhat, Kolkata

Eco Park is an urban park in New Town, Greater Kolkata, India. With an area of 480 acres (190 ha), Eco Park is the largest urban park in India. The park was conceptualised by Chief Minister of West Bengal, Mamata Banerjee in July 2011. West Bengal Housing Infrastructure Development Corporation (HIDCO) is the overarching body coordinating the construction of the park, along with different other government bodies responsible for implementation of different works inside the park.

Paschim Banga Gramin Bank is a premier regional rural bank in India. It is under the ownership of Ministry of Finance, Government of India. It was established on 26 February 2007 in exercise of the powers conferred by Sub-section (1) of Section 23A of the Regional Rural Bank Act, 1976. The bank was established by the amalgamation of Howrah Gramin Bank, Bardhaman Gramin Bank and Mayurakshi Gramin Bank. The tagline of the bank is "Bank for U - Banking for All".

<span class="mw-page-title-main">West Bengal Housing Infrastructure Development Corporation</span> Housing Corporation in West Bengal, India

The West Bengal Housing Infrastructure Development Corporation or HIDCO is a public sector undertaking headquartered in Narkelbagan, Action Area - I of New Town, Kolkata, West Bengal, India. It plans and executes buildings, projects, parks, museum and other construction activity like subways, overbridges and monorail in the Indian state of West Bengal. It looks after development projects in New Town, Kolkata, West Bengal and adjacent parts of Rajarhat also. HIDCO has prepared the LUDCP and it is developing all infrastructure like roads, drains, sewerage line, water supply lines, major beautification works and other related major works as per master plan. With multinational IT giants are setting up campuses in the area, the civic body wants to make infrastructure full–proof.

<span class="mw-page-title-main">Fintech</span> Subset of technologies used in finance

Fintech, a clipped compound of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

Financial technology is an industry composed of companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries. FinTech has emerged as a relatively new industry in India in the past few years. The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and the rise of FinTech in the country

<span class="mw-page-title-main">Fintech Valley Vizag</span>

Fintech Valley Vizag is an initiative of the Government of Andhra Pradesh to promote business infrastructure in the state, and attract investors and multinational corporations to set up offices. Fintech Valley was founded by N. Chandrababu Naidu then Chief Minister of the Andhra Pradesh state in December 2016 with the goal of enhancing Visakhapatnam City as a financial technology capital in Andhra Pradesh.

Mishti Hub is an MSME enterprise established by the Government of West Bengal to promote different types of sweets of Indian state of West Bengal. One can have sweets made by renowned manufacturers and also by traditional manufactures from different parts of Bengal, in one place, under one roof, its only one of its kind in the state of West Bengal. It is located near Gate No.3 in Eco Park, New town.

<span class="mw-page-title-main">Ashok Lahiri</span> Indian politician

Ashok Kumar Lahiri is an Indian economist and a member of the West Bengal Legislative Assembly from Balurghat. He is currently serving as a member of the Fifteenth Finance Commission. Lahiri previously served as 12th Chief Economic Adviser to the Government of India, reader at the Delhi School of Economics, chairman of Bandhan Bank, executive director at the Asian Development Bank and director of the National Institute of Public Finance and Policy and had stints with the World Bank and the International Monetary Fund, as a consultant and senior economist respectively. He is a member of the Bharatiya Janata Party.

The Naval Aircraft Museum is a military aviation museum located in New Town, Kolkata, India. It is built by the Kolkata Metropolitan Development Authority and is exhibiting a Tupolev Tu-142 of Indian Navy.

Vivek Tirtha or Ramakrishna Mission Vivekananda Centre for Human Excellence and Social Sciences is an upcoming cultural and education centre dedicated to Swami Vivekananda in New Town, Kolkata, West Bengal, India. Chief Minister Mamata Banerjee laid the foundation stone of Vivek Tirtha on 11 November 2014. It is being built with an aim to help people to live a life of peace and happiness.

Dumurjala Sports City is a sports complex of 56 acres in Dumurjala, Howrah, West Bengal, India. The complex consists of an indoor stadium with 6000-seating capacity; outdoor grounds for football, cricket, and hockey; a swimming pool; an outdoor gym; and a public park. The complex also has two helipads.

Bengal Silicon Valley Tech Hub is an under construction technology hub in the Indian state of West Bengal, consisting of various tech parks, buildings, projects and premises which work on the sectors like IT/ITeS, Data Centre, E-commerce, IoT, KPO, AI, R&D and Telecom. The hub is projected to be completed in 2025, generating 1,00,000 direct jobs. As of 2022, the total investment in the hub is ₹1 trillion.

References

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  2. 1 2 "Suman consultant for inward investment stretegy in New Town". The Times of India. December 5, 2020.
  3. 1 2 3 4 5 "FINTECH HUB IN NEW TOWN, KOLKATA" (PDF). Retrieved 2023-08-20.
  4. 1 2 3 Sengupta, Tamal; Ghosal, Sutanuka (September 1, 2014). "New Town Rajarhat resurrects as financial hub as government takes initiative". The Economic Times.
  5. 1 2 https://www.millenniumpost.in/kolkata/fintech-hub-now-boasts-of-25-units-345754
  6. Bureau, BW Online. "HIDCO Earmarks Plot In New Town For FinTech Companies". BW Businessworld.
  7. Ray, Atmadip (September 10, 2021). "Owning a land at Kolkata Fintech Hub becomes easier with online facility". The Economic Times.
  8. MP, Team (September 10, 2021). "New Town: Hakim to inaugurate Fintech hub today". www.millenniumpost.in.
  9. Ray, Atmadip (September 10, 2021). "SBI and Bandhan Bank planning to move their back office verticals to fintech hub of Kolkata". The Economic Times.
  10. 1 2 "SBI Launches Management Institute In Kolkata. Details Here". NDTV.com.
  11. "Construction of Executive Training Centre for Uco ..., New Delhi, Delhi (NCT) Tender". TendersOnTime.
  12. 1 2 https://nationalinsurance.nic.co.in/en/contacts-us
  13. Bandyopadhyay, Krishnendu; Chakraborti, Suman (March 7, 2023). "West Bengal revives WTC plan to ease trade in east, NE". The Times of India . Archived from the original on 25 December 2023. Retrieved 25 December 2023.
  14. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 "FinTech Hub::HIDCO". bengalfintechhub.in.
  15. "Construction of Executive Training Centre for Uco ..., New Delhi, Delhi (NCT) Tender".