“If Mumbai becomes an IFC, you will witness the financial sector undergoing a transformation like the passenger car segment. You will get the latest products and services. It will transform the economy,” Mistry added.

Mumbai needs a Manhattan

MUMBAI: Percy Mistry who headed the Committee on Making Mumbai an IFC, feels Mumbai needs a location to be developed as a financial centre. “You can consider places like the Bandra-Kurla Complex (BKC). You need more office space and facilities in BKC. You have to house banks, law firms, accountants etc in the IFC locality. Look at Manhattan in New York. Though New York is a big city, almost the entire IFS business is done in Manhattan, a small area, which houses all kinds of banks and other allied services,” Mistry said. —ENS