Ahmedabad: Banking assets at GIFT International Financial Services Centre (IFSC) crossed $111 billion at the end of FY26. According to the International Financial Services Centres Authority (IFSCA), outstanding banking assets rose to $111 billion in March 2026 from $106.3 billion in Dec and $88.5 billion a year earlier. Gross customer credit also increased to $76.1 billion.Sources said this indicates continued growth in lending by the international banking units (IBUs) at the country’s first offshore financial hub.The overall IFSC ecosystem continued to deepen during the year. Total registrations and authorisations granted by IFSCA reached 1,213 by March 2026, up from 1,114 three months earlier, indicating a steady pipeline of financial institutions establishing operations at GIFT City, IFSCA said.Capital markets also gathered momentum. IFSC exchanges recorded an average monthly turnover of $112.5 billion, while cumulative derivatives trading touched $109.3 billion during FY26. Debt listings on the exchanges reached $2.28 billion during the fourth quarter.IFSCA said, “The broad-based growth across financial sectors highlights the continued maturation of GIFT IFSC as India’s international financial centre, supported by expanding banking operations, deeper capital markets and a widening range of global financial services.”Fund management remained another key growth area. The number of fund management entities rose to 217, with 360 schemes registered by March. Cumulative commitments raised under non-retail schemes increased to $39.1 billion, while cumulative funds raised reached $19.5 billion, reflecting rising investor participation.The insurance and leasing businesses also expanded. GIFT IFSC had 36 insurance offices and 34 insurance intermediaries by the end of FY26.
