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GIFT City's Banking Assets Soar 7x to $106B, Marking India's Financial Rise

Banking assets at GIFT City's International Financial Services Centre have skyrocketed to over USD 106 billion, a more than seven-fold increase since 2020. This explosive growth is supported by a robust base of 37 banks, including major global and Indian institutions establishing International Banking Units. The ecosystem was further strengthened in 2025 by the launch of the Foreign Currency Settlement System, which allows for local settlement of forex transactions. With deepening global participation and improving infrastructure, GIFT IFSC is cementing its role as a key platform for cross-border financial services from India.

Key Points: GIFT City IFSC Banking Assets Cross $106 Billion

  • Assets cross $106.7B
  • 37 banks now operate in IFSC
  • 20 foreign & 17 domestic banks present
  • FCSS launched to settle forex locally
2 min read

GIFT City's IFSC banking assets surge over 7x in five years, cross USD 106 billion

Banking assets at GIFT City's IFSC surge over 7x to USD 106.7 billion, with 37 global and domestic banks fueling India's offshore financial hub.

"The growth... reflects increasing global and domestic participation in India's international financial services ecosystem. - GIFT City Statement"

Gandhinagar, March 30

Banking assets at GIFT City's International Financial Services Centre have crossed USD 106.7 billion as of February 2026, marking a more than seven-fold increase from USD 14 billion in September 2020, underscoring the rapid scale-up of India's offshore banking ecosystem, according to a statement released by GIFT city.

The growth has been supported by a robust and expanding banking base, with 37 banks operating in GIFT IFSC, including 20 foreign banks and 17 domestic banks, establishing International Banking Units (IBUs) to service cross-border financial flows.

Leading global banks such as DBS Bank, Credit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Societe Generale and Standard Chartered have established a presence at GIFT IFSC, alongside key Indian banks.

The participation of these institutions reflects growing global confidence in India's IFSC framework and its ability to support international banking operations.

In 2025, several leading global and Indian banks, including Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Credit Agricole, Natixis, CTBC Bank and Societe Generale, along with Bank of Maharashtra, set up their IFSC Banking Units (IBUs) at GIFT City, further strengthening the depth of its international banking ecosystem.

GIFT City's banking ecosystem has also been strengthened by the launch of the Foreign Currency Settlement System (FCSS) in October 2025, enabling IFSC Banking Units to settle foreign currency transactions locally. This reduces reliance on traditional correspondent banking channels, improves efficiency, and enhances the ease of doing cross-border business from GIFT City.

The growth in banking assets at GIFT IFSC reflects increasing global and domestic participation in India's international financial services ecosystem. The presence of leading global banks, along with continued expansion by Indian banking players, is strengthening GIFT City's role in facilitating 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.

- ANI

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Reader Comments

P
Priya S
Impressive numbers, no doubt. But I hope this growth translates into more high-quality jobs for Indian finance professionals here, not just backend operations. We need to see more leadership roles based out of GIFT City.
R
Rohit P
The Foreign Currency Settlement System (FCSS) is a game-changer! Reducing reliance on foreign correspondent banks will save costs and time for Indian businesses. This is strategic autonomy in the financial sector. Great move.
S
Sarah B
As someone working in international trade, the efficiency gains from having so many global banks in one regulated zone are huge. It makes invoicing and financing exports/imports much smoother. A solid step forward.
V
Vikram M
Seeing names like JP Morgan, HSBC, and Deutsche Bank here is a big deal. It signals that India is finally creating a credible alternative to Singapore and Dubai for certain financial services. The momentum needs to be sustained with consistent policies.
K
Kavya N
While the growth is commendable, I have a respectful criticism. The article focuses on big banks and assets. What about the impact on SMEs? Are they able to access easier foreign currency credit through this system? That's the real test of success.
M
Michael C
The collaboration between 20 foreign and 17 domestic banks is key.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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