FinTech Hub, Kolkata

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, it was not such functional as expected. 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 2017, the project was relaunched as 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[5] which was afterwards expanded. On 10 September 2021, HIDCO released an online portal for owing plots easily.[6][7] Up to September 2021, 48 acres was allotted in 70 Acres.[1] As of 2022, 28 financial and legal institutions have their offices in fintech hub.[3]