GIFT IFSC Banking Assets Skyrocket Sevenfold to $106.7 Billion
Ahmedabad: The International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has witnessed an extraordinary surge in banking assets, which have increased sevenfold over the past five years. According to the latest data released by GIFT City, the total banking assets have soared to an impressive $106.7 billion as of February 2026, marking a dramatic rise from $14 billion recorded in September 2020.
Infrastructure Boost with Foreign Currency Settlement System
A significant catalyst for this growth has been the introduction of the foreign currency settlement system (FCSS) in October of last year. This innovative system enables International Banking Units (IBUs) operating within the IFSC to settle foreign currency transactions directly, thereby reducing reliance on traditional correspondent banking channels. The FCSS has not only enhanced transaction efficiency but also significantly improved the ease of conducting cross-border business, attracting more financial institutions to the hub.
Expanding Banking Base with Global and Domestic Players
The rapid expansion in banking assets is underpinned by a substantial widening of the banking base at GIFT IFSC. Currently, 37 banks are operational in the IFSC, comprising 20 foreign lenders and 17 domestic institutions. These banks have established IBUs to facilitate a range of cross-border financial activities, including external commercial borrowings and various offshore transactions.
Prominent global banking majors such as DBS Bank, Crédit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Société Générale, and Standard Chartered have set up operations alongside leading Indian banks. The ecosystem gained further momentum in 2025 with the entry of several new players, including Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Natixis, CTBC Bank, and Bank of Maharashtra, which have deepened the international banking network and broadened product capabilities.
Positioning as a Global Financial Hub
The sharp rise in banking assets reflects increasing participation from both global and domestic players in India's international financial services ecosystem. With a growing institutional base, continuous improvements in market infrastructure, and sustained policy support, GIFT IFSC is steadily establishing itself as a premier hub for international banking, treasury operations, and cross-border financial services. This growth trajectory underscores the IFSC's strategic importance in enhancing India's position in the global financial landscape.
