GIFT IFSC emerges as growing international financial centre

GIFT IFSC is establishing itself as a significant international financial hub, according to recent data and industry commentary. Banking units within the centre have disbursed approximately $52.82 billion under the Reserve Bank of India’s (RBI) special swap facility for FCNR(B) deposits. As of August 31, 20 IFSC Banking Units (IBUs) had sanctioned a total of $54.02 billion under this facility.

Beyond the swap facility, the centre has shown growth in other cross-border financing areas. Between April and August 2026, IBUs disbursed $11.62 billion through External Commercial Borrowings (ECBs), with monthly disbursements rising from $1.54 billion in April to $3.54 billion in August. Additionally, Indian banks raised $11.12 billion through bond listings on IFSC exchanges.

Uday Kotak, founder of Kotak Mahindra Bank, noted that the ability of these banking units to fund large portions of the RBI's swap facility signifies the emergence of GIFT IFSC as a growing international financial centre. K. Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), stated that the rapid scale-up of banking activity demonstrates the depth and growing international orientation of the ecosystem.