Finance hub GIFT City revealed that its International Financial Services Centre now holds over $106.7 billion in banking assets as of February 2026, a significant increase from $14 billion in September 2020. This surge highlights the substantial expansion of India’s offshore banking sector and the rising global and domestic involvement in the country’s international financial services ecosystem.
The growth in banking assets is attributed to the presence of 37 banks within GIFT IFSC, including 20 foreign banks and 17 domestic banks that have set up International Banking Units (IBUs) to manage cross-border financial transactions. Notable global banks like DBS Bank, Crédit Agricole, Deutsche Bank, and others have established operations at GIFT IFSC, alongside major Indian banks.
Leading global and domestic banks, such as Qatar National Bank, First Abu Dhabi Bank, and Bank of Maharashtra, have also established their IFSC Banking Units at GIFT City in 2025. This move has further solidified GIFT City’s position as a facilitator of cross-border financial activities, supported by a growing base of global and domestic institutions and improved market infrastructure.
GIFT City’s banking ecosystem introduced the Foreign Currency Settlement System (FCSS) in October 2025, enabling IFSC Banking Units to conduct foreign currency transactions locally. This system has reduced reliance on traditional correspondent banking channels, enhanced operational efficiency, and simplified cross-border business operations from GIFT City.
GIFT City in Gujarat has developed a specialized international campus framework with shared academic infrastructure, emphasizing its role as a significant platform for international banking, treasury operations, and cross-border financial services from India.
