FinTech Hub

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, Punjab National Bank 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, Punjab National Bank, 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]

Banking companies

Bandhan Bank and Punjab National Bank 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 high-rise, mixed use skyscraper currently under construction. As of early 2024, the building is designed to have 38 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.^{[citation needed]}