Ahmedabad: With a fast-rising presence of IFSC banking units (IBUs) in GIFT IFSC, the size of the banking assets has increased sevenfold in five years, according to data by GIFT City. The country’s first International Financial Services Centre at Gujarat International Finance Tec-City (GIFT City) saw banking assets crossing $106.7 billion as of Feb 2026, marking a sevenfold jump from $14 billion in Sep 2020.A key infrastructure boost came with the launch of the foreign currency settlement system (FCSS) last Oct, enabling international banking units (IBUs) to settle foreign currency transactions within the IFSC. This reduces dependence on correspondent banking channels, improves transaction efficiency, and enhances ease of doing cross-border business. The growth has been underpinned by a widening banking base, with 37 banks now operating in GIFT IFSC, including 20 foreign lenders and 17 domestic institutions. These banks have established IBUs to facilitate cross-border financial flows, including external commercial borrowings, along with other offshore transactions. A host of global banking majors, including DBS Bank, Crédit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Société Générale, and Standard Chartered, have established a presence at the IFSC alongside leading Indian banks. The ecosystem saw further momentum in 2025, with several new entrants setting up IBUs, including Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Natixis, CTBC Bank, and Bank of Maharashtra. Their entry has deepened the IFSC’s international banking network and broadened its product capabilities. The sharp rise in banking assets indicates rising participation from both global and domestic players in India’s international financial services ecosystem. With a growing institutional base, improving market infrastructure, and continued policy support, GIFT IFSC is steadily positioning itself as a hub for international banking, treasury operations, and cross-border financial services.
