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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.
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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