GIFT City's IFSC: A Rapid Rise to USD 106.7 Billion in Banking Assets

The International Financial Services Centre (IFSC) at GIFT City has reached a significant milestone by amassing banking assets worth USD 106.7 billion as of February 2026. This development marks a substantial leap from USD 14 billion in September 2020, showcasing the robust expansion of India's offshore banking landscape.

Driving this growth is a diverse banking network at GIFT IFSC, comprising 37 banks, including 20 international players and 17 domestic banks that have set up International Banking Units (IBUs) to facilitate cross-border financial transactions. Notable global financial institutions such as DBS Bank, Credit Agricole, Deutsche Bank, and others have established operations here, a testament to the increasing confidence in India's IFSC framework.

The banking environment was further enriched in 2025 with new entrants like Qatar National Bank and Bank of Maharashtra. Additionally, the launch of the Foreign Currency Settlement System (FCSS) in October 2025 has optimized local settlement of foreign currency transactions, marking a key enhancement in operational efficiency and cross-border business activities at GIFT City.