GIFT City's banking assets soar past $106 bn, a 7-fold increase

Banking assets at GIFT City's IFSC soared over seven-fold to USD 106.7 billion by February 2026 from just USD 14 billion in 2020. The growth is fueled by 37 domestic and foreign banks, solidifying its role as an international financial hub.

Banking assets at GIFT City's International Financial Services Centre (IFSC) 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.

Expanding Roster of Global and Domestic Banks

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.

New Entrants Bolster Ecosystem

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.

New Settlement System Enhances Efficiency

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.

Solidifying Role as a Global Financial Hub

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.

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