GIFT City Banking Assets Skyrocket to Over $106.7 Billion Since 2020

Key Takeaways

Banking assets at GIFT City exceeded $106.7 billion .

Growth from $14 billion in 2020 represents more than a seven-fold increase .

37 banks, including 20 foreign banks , are operational in the center.

The Foreign Currency Settlement System (FCSS) enhances transaction efficiency.

GIFT City is positioning itself as a vital hub for international banking .

New Delhi, March 30 (NationPress) The financial center of GIFT City reported on Monday that the banking assets within its International Financial Services Centre have soared to over $106.7 billion as of February 2026, representing a remarkable increase from $14 billion in September 2020—a rise of more than seven times.

This substantial growth signifies a swift expansion of India’s offshore banking landscape and highlights the rising involvement of both global and domestic players in India’s international financial services sector.

The growth trajectory has been bolstered by a growing number of banking institutions, with 37 banks currently operating in GIFT IFSC, comprising 20 foreign banks and 17 domestic banks that have set up International Banking Units (IBUs) to facilitate cross-border financial transactions.

Prominent global financial institutions such as DBS Bank, Crédit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Société Générale, and Standard Chartered have established their presence in GIFT IFSC, in addition to several leading Indian banks.

The engagement of these banks underscores the growing international confidence in India’s IFSC framework and its capability to support global banking operations, according to the global financial hub.

In 2025, a number of distinguished global and local banks, including Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Crédit Agricole, Natixis, CTBC Bank, and Société Générale, along with Bank of Maharashtra, established their IFSC Banking Units at GIFT City, further enhancing the finance center’s role in promoting cross-border financial transactions.

“With an expanding network of domestic and international institutions, improved market infrastructure, and supportive policies, GIFT IFSC is positioning itself as a vital hub for international banking, treasury operations, and cross-border financial services emanating from India,” the announcement stated.

Furthermore, GIFT City’s banking infrastructure welcomed the introduction of the Foreign Currency Settlement System (FCSS) in October 2025, allowing IFSC Banking Units to conduct foreign currency transactions locally.

This advancement has diminished the dependence on conventional correspondent banking systems, enhanced efficiency, and facilitated smoother cross-border business operations from GIFT City.

Located in Gujarat, GIFT City has also developed a dedicated international campus framework complete with shared academic resources.

Point of View

It's essential to recognize the monumental growth of GIFT City as a financial hub. This development indicates a significant shift in India's role in the global banking sector, enhancing its competitiveness and attracting international investments.

NationPress

3 Jul 2026

Frequently Asked Questions

What are the current banking assets at GIFT City?

As of February 2026, banking assets at GIFT City have surpassed $106.7 billion.

How much have banking assets increased since 2020?

Banking assets have grown over seven-fold from $14 billion in September 2020.

How many banks operate in GIFT IFSC?

There are currently 37 banks operating in GIFT IFSC, including 20 foreign and 17 domestic banks.

What is the Foreign Currency Settlement System (FCSS)?

The FCSS, launched in October 2025, allows IFSC Banking Units to settle foreign currency transactions locally.

Why is GIFT City significant for international banking?

GIFT City is emerging as a key platform for international banking due to its supportive policies, expanding infrastructure, and growing global participation.