·
GIFT City IFSC is emerging as a major international banking
and financial hub, supporting India’s foreign-currency mobilisation and external
financing needs.
·
As of 31 August 2026, 20 IFSC Banking Units (IBUs)
sanctioned $54.02 billion under the RBI’s
FCNR(B) deposit swap facility, with $52.82 billion already disbursed.
·
FCNR(B)
sanctions rose sharply from $28.60 billion on 14 August
to $54.02 billion by 31 August 2026.
·
During
April–August 2026, IBUs at GIFT-IFSC
disbursed $11.62 billion in External Commercial Borrowings (ECBs).
·
Monthly
ECB disbursements increased from $1.54 billion in April to $3.54 billion
in August, indicating growing cross-border financing activity.
·
Indian
banks raised $11.12 billion through bond listings on IFSC exchanges
during April–August 2026.
·
Of this,
$9.17 billion was raised through bonds listed during
July–August 2026, showing strong recent momentum.
·
GIFT-IFSC
is connecting global sources of capital and foreign-currency
liquidity with India’s financing requirements.
·
Funds are
being mobilised from multiple regions, including the UK, US, Mexico, West Asia, Hong Kong, Singapore and Africa.
·
The growing
activity in FCNR(B) swaps, ECBs and international bond listings
is strengthening GIFT-IFSC as a diversified and globally integrated
international banking centre.
·
IFSCA aims
to further develop GIFT-IFSC as a competitive, well-regulated and globally
connected financial ecosystem, supporting the Viksit Bharat@2047 vision.
[ABS News Service/03.09.2026]
The International Financial Services Centres
Authority (IFSCA) today highlighted the strong and growing role of GIFT City
IFSC in supporting India’s foreign currency mobilisation and external financing
requirements, with IFSC Banking Units (IBUs) demonstrating significant scale and
momentum across key international banking activities.
As on 31 August 2026, 20 IBUs have
sanctioned USD 54.02 billion under the Reserve Bank of India’s special swap facility
for FCNR(B) deposits, of which approximately USD 52.82 billion has already been
disbursed. The scale-up has been particularly rapid in recent weeks, with aggregate
sanctions increasing from USD 28.60 billion on August 14 to USD 37.26 billion on
August 21 and further to USD 54.02 billion by August 31, 2026.
The broad-based participation of domestic
and international banks underscores the depth and capability of the banking ecosystem
at GIFT-IFSC. The 20 participating IBUs include leading Indian banks as well as
foreign banks, with individual IBUs recording substantial sanctions and disbursements
under the facility.
The performance of the IBUs under the
FCNR(B) swap facility represents a significant demonstration of the ability of GIFT-IFSC
to connect IBUs with global sources of foreign currency liquidity and efficiently
channel international capital towards India.
The development follows the recent direction
of the Hon’ble Union Finance Minister to the MDs & CEOs of Public Sector Banks
to leverage the financial services ecosystem and institutional infrastructure available
at GIFT-IFSC for effective implementation of the RBI’s swap facilities for FCNR(B)
deposits and External Commercial Borrowings (ECBs). Hon’ble Finance Minister had
also emphasised greater utilisation of GIFT City IFSC’s financial services and institutional
infrastructure for mobilisation of funds from global jurisdictions.
The momentum at GIFT-IFSC extends beyond
the FCNR(B) swap facility. During April to August 2026, IBUs at GIFT-IFSC disbursed
USD 11.62 billion of ECBs. Monthly ECB disbursements increased from USD 1.54
billion in April to USD 3.54 billion in August 2026, demonstrating the growing role
of GIFT-IFSC as a platform for cross-border financing.
In addition, Indian Banks have raised
USD 11.12 billion through bond listings on IFSC exchanges during April to August
2026, of which bonds totalling to USD 9.17 bn were listed in July-Aug 2026,
further reflecting the expanding role of GIFT-IFSC in facilitating international
capital market access for financial institutions in IFSC.
The increasing scale of activity across
FCNR(B) mobilisation, ECB financing and international bond issuances demonstrates
the emergence of GIFT-IFSC as a deep, diversified and increasingly integrated
international banking ecosystem.
The strong response also reflects the
ability of the GIFT-IFSC ecosystem to facilitate engagement with international markets
and overseas investors, complementing India’s broader efforts to strengthen foreign
exchange inflows. It is observed that IBUs at GIFT-IFSC are being utilised to leverage
fund mobilisation from multiple jurisdictions, including the United Kingdom, United
States, Mexico, West Asia, Hong Kong, Singapore and certain African countries.
K. Rajaraman, Chairperson, IFSCA, said
that “The rapid scale-up of
banking activity at GIFT-IFSC is a strong testament to the depth, capability and
growing international orientation of India’s GIFT City International Financial Services
Centre. The mobilisation and deployment of over USD 52 billion under the FCNR(B)
swap facility, alongside strong ECB activity by IBUs in GIFT IFSC and international
bond listings at IFSC Exchanges, demonstrate that GIFT-IFSC is increasingly serving
as an effective bridge between global pools of capital and India’s financing needs.
IFSCA remains committed to fostering a
competitive, well-regulated and globally connected financial ecosystem at GIFT-IFSC.
The strong participation of banks and the scale of business being undertaken through
the IFSC reinforce its position as an important platform for international banking
and cross-border financial services.”
The IFSCA is the unified regulatory authority
established by the Government of India under an Act of Parliament, IFSCA Act, 2019
for the development and regulation of financial products, financial services and
financial institutions in the International Financial Services Centres (IFSC) in
India. GIFT-IFSC is a strategic project of the Government of India and is being
developed as a leading international financial hub connecting India with global
markets and global investors with India opportunities. The GIFT IFSC is working
towards strategic initiatives supporting VikasitBharat@2047 agenda envisioned by
the Hon’ble Prime Minister.