NEW DELHI– Banking assets at India’s GIFT City have surged more than sevenfold since 2020, crossing $106.7 billion as of February 2026, underscoring the rapid expansion of the country’s offshore financial ecosystem.
The International Financial Services Centre (IFSC) at GIFT City reported that assets have grown from $14 billion in September 2020, driven by rising participation from both global and domestic financial institutions.
The growth has been fueled by an expanding banking base, with 37 banks now operating within the IFSC. This includes 20 foreign lenders and 17 Indian banks, all of which have established International Banking Units (IBUs) to facilitate cross-border financial activity.
Major global banks such as DBS Bank, Crédit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Société Générale, and Standard Chartered have set up operations at GIFT City, alongside leading Indian banks. Their presence reflects increasing confidence in India’s regulatory framework for international financial services.
The hub also saw further expansion in 2025, with institutions including Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Crédit Agricole, Natixis, CTBC Bank, Société Générale, and Bank of Maharashtra establishing IBUs. Officials said this has strengthened GIFT City’s role in supporting cross-border financial flows.
“With a growing base of global and domestic institutions, improving market infrastructure, and policy support, GIFT IFSC is emerging as a key platform for international banking, treasury operations, and cross-border financial services from India,” the organization said in a statement.
A key development supporting this growth was the launch of the Foreign Currency Settlement System (FCSS) in October 2025. The system allows IFSC Banking Units to settle foreign currency transactions locally, reducing reliance on traditional correspondent banking channels and improving efficiency in cross-border operations.
Located in Gujarat, GIFT City has also introduced a dedicated international campus framework with shared academic infrastructure, aimed at supporting the broader financial ecosystem. (Source: IANS)
