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With reference to the expert committee on Longevity Finance, consider the following statements:
1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.
2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to the expert committee on Longevity Finance, consider ...
IFSCA, in its endeavour to develop a Longevity Finance Hub in GIFT IFSC has constituted an Expert Committee to recommend approach towards development of Longevity Finance Hub and provide road map for the same.
- The expert committee is being co-chaired by Ms. Kaku Nakhate, President and Country Head (India), Bank of America, and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited.
- The committee members comprise of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.
- International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
- Hence both statements are correct.
Most Upvoted Answer
With reference to the expert committee on Longevity Finance, consider ...
Longevity Finance Hub in GIFT IFSC
The expert committee on Longevity Finance is mandated to recommend an approach towards the development of a Longevity Finance Hub in GIFT IFSC (International Financial Services Centre) and provide a road map for the same. This hub aims to promote and develop financial products and services related to longevity risk management and insurance.
Establishment of IFSCA
The International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It has been granted powers and functions similar to those of other financial regulators in India, such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA).
The IFSCA is responsible for regulating and promoting financial activities in the IFSCs, which are designated areas that provide world-class financial services to residents and non-residents. The main IFSC in India is the Gujarat International Finance Tec-City (GIFT) located in Gandhinagar, Gujarat. The GIFT IFSC aims to become a global financial hub by providing a conducive environment for financial services, including banking, insurance, capital markets, and asset management.
Significance of Longevity Finance Hub
The establishment of a Longevity Finance Hub in GIFT IFSC is significant for several reasons:
1. Addressing Longevity Risk: Longevity risk refers to the risk associated with individuals living longer than expected, leading to increased costs and financial burdens. The hub will focus on developing innovative financial products and services that can help individuals and institutions manage and mitigate longevity risks.
2. Attracting Investments: The hub will attract investments from domestic and international players in the field of longevity finance. This will not only contribute to the growth of the financial sector but also stimulate economic development in the region.
3. Expertise and Knowledge Exchange: The hub will serve as a platform for experts, researchers, and practitioners to exchange knowledge and best practices in the field of longevity finance. This will foster innovation and promote the development of cutting-edge solutions to address longevity-related challenges.
4. International Collaboration: The hub will facilitate collaboration with global institutions and organizations working in the field of longevity finance. This will enhance India's position as a global player in the financial services sector and promote international cooperation in addressing longevity-related issues.
In conclusion, the expert committee on Longevity Finance is mandated to recommend the development of a Longevity Finance Hub in GIFT IFSC. The establishment of this hub, under the regulatory framework of the IFSCA, holds significant potential in addressing longevity risks, attracting investments, fostering expertise exchange, and promoting international collaboration in the field of longevity finance. Therefore, both statements 1 and 2 are correct.
The expert committee on Longevity Finance is mandated to recommend an approach towards the development of a Longevity Finance Hub in GIFT IFSC (International Financial Services Centre) and provide a road map for the same. This hub aims to promote and develop financial products and services related to longevity risk management and insurance.
Establishment of IFSCA
The International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It has been granted powers and functions similar to those of other financial regulators in India, such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA).
The IFSCA is responsible for regulating and promoting financial activities in the IFSCs, which are designated areas that provide world-class financial services to residents and non-residents. The main IFSC in India is the Gujarat International Finance Tec-City (GIFT) located in Gandhinagar, Gujarat. The GIFT IFSC aims to become a global financial hub by providing a conducive environment for financial services, including banking, insurance, capital markets, and asset management.
Significance of Longevity Finance Hub
The establishment of a Longevity Finance Hub in GIFT IFSC is significant for several reasons:
1. Addressing Longevity Risk: Longevity risk refers to the risk associated with individuals living longer than expected, leading to increased costs and financial burdens. The hub will focus on developing innovative financial products and services that can help individuals and institutions manage and mitigate longevity risks.
2. Attracting Investments: The hub will attract investments from domestic and international players in the field of longevity finance. This will not only contribute to the growth of the financial sector but also stimulate economic development in the region.
3. Expertise and Knowledge Exchange: The hub will serve as a platform for experts, researchers, and practitioners to exchange knowledge and best practices in the field of longevity finance. This will foster innovation and promote the development of cutting-edge solutions to address longevity-related challenges.
4. International Collaboration: The hub will facilitate collaboration with global institutions and organizations working in the field of longevity finance. This will enhance India's position as a global player in the financial services sector and promote international cooperation in addressing longevity-related issues.
In conclusion, the expert committee on Longevity Finance is mandated to recommend the development of a Longevity Finance Hub in GIFT IFSC. The establishment of this hub, under the regulatory framework of the IFSCA, holds significant potential in addressing longevity risks, attracting investments, fostering expertise exchange, and promoting international collaboration in the field of longevity finance. Therefore, both statements 1 and 2 are correct.
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With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the expert committee on Longevity Finance, consider the following statements:1. They are mandated to recommend approach towards development of Longevity Finance Hub in GIFT IFSC and provide road map for the same.2. International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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