New Delhi, March 30 (IANS) Finance hub GIFT City on Monday announced that banking assets at its International Financial Services Centre have crossed $106.7 billion as of February 2026, marking over seven‑fold surge from $14 billion in September 2020.

The huge surge indicated a rapid scale‑up of India’s offshore banking ecosystem and reflected increasing global and domestic participation in India’s international financial services ecosystem, it said.

The growth has been supported by an expanding banking base, with 37 banks operating in GIFT IFSC, including 20 foreign banks and 17 domestic banks, establishing International Banking Units (IBUs) to service cross-border financial flows, it said.

Leading global banks such as DBS Bank, Crédit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Société Générale and Standard Chartered have established a presence at GIFT IFSC, alongside key Indian banks.

The participation of these institutions reflects growing global confidence in India’s IFSC framework and its ability to support international banking operations, the global finance hub said.

Several leading global and domestic banks including Qatar National Bank, First Abu Dhabi Bank, Mashreq Bank, Crédit Agricole, Natixis, CTBC Bank and Société Générale, along with Bank of Maharashtra, set up their IFSC Banking Units (IBUs) at GIFT City in 2025. It strengthened the finance hub’s role in facilitating cross-border financial flows.

“With a growing base of global and domestic institutions, improving market infrastructure, and policy support, GIFT IFSC is emerging as a key platform for international banking, treasury operations, and cross-border financial services from India,” the release said.

GIFT City’s banking ecosystem saw the launch of the Foreign Currency Settlement System (FCSS) in October 2025, enabling IFSC Banking Units to settle foreign currency transactions locally.

It reduced the reliance on traditional correspondent banking channels, improved efficiency, and enhanced the ease of doing cross-border business from GIFT City.

GIFT City in Gujarat has also created a dedicated international campus framework with shared academic infrastructure.

—IANS

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