GIFT City Banking Assets Cross $106.7 Billion, Mark Sevenfold Growth Since 2020
Strong Expansion in India’s Offshore Banking Ecosystem
New Delhi, March 30: Banking assets at GIFT City’s International Financial Services Centre crossed $106.7 billion as of February 2026, marking a more than sevenfold increase from $14 billion recorded in September 2020, the financial hub said on Monday.The sharp rise reflects the rapid expansion of India’s offshore banking ecosystem, supported by increasing participation from both global and domestic institutions.
Growing Presence of Global and Domestic Banks
The growth has been driven by a widening banking base, with 37 banks currently operating in GIFT IFSC. This includes 20 foreign banks and 17 domestic banks that have established International Banking Units to facilitate cross-border financial flows.Global banking majors such as DBS Bank, Crédit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Société Générale, and Standard Chartered are among those present at the financial hub, alongside leading Indian banks.
According to GIFT City, the presence of these institutions highlights growing confidence in India’s International Financial Services Centre framework and its ability to support global banking operations.
New Entrants Strengthen Ecosystem in 2025
In 2025, several global and domestic banks expanded their footprint at GIFT City by setting up IFSC Banking Units. These include Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Crédit Agricole, Natixis, CTBC Bank, Société Générale, and Bank of Maharashtra.This expansion further strengthened GIFT City’s position as a facilitator of cross-border financial transactions.
Infrastructure Push Boosts Efficiency
The launch of the Foreign Currency Settlement System in October 2025 marked a key development in GIFT City’s banking ecosystem. The system enables IFSC Banking Units to settle foreign currency transactions locally.This initiative has reduced reliance on correspondent banking channels, improved operational efficiency, and enhanced ease of doing cross-border business from GIFT City.
GIFT IFSC Emerges as Key Financial Platform
With a growing base of institutions, improved infrastructure, and continued policy support, GIFT IFSC is positioning itself as a key platform for international banking, treasury operations, and cross-border financial services from India.Additionally, GIFT City has introduced a dedicated international campus framework with shared academic infrastructure, further supporting the development of its financial ecosystem.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.