New Delhi, Sep 3 — The GIFT City IFSC emerged as a strong international banking hub, mobilising over $52.8 billion under RBI’s FCNR(B) Swap Facility, $11.62 billion in ECBs and $11.12 billion in bond listings by banks in IFSC exchanges, according to the government.
As on August 31, 20 IFSC Banking Units (IBUs) sanctioned $54.02 billion under the Reserve Bank of India’s special swap facility for FCNR(B) deposits, of which approximately $52.82 billion has already been disbursed, said the Finance Ministry in a statement.
“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,” said K. Rajaraman, Chairperson, IFSCA.
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 statement said.
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.
However, the momentum at GIFT-IFSC extends beyond the FCNR(B) swap facility.
During April to August 2026, IBUs at GIFT-IFSC disbursed $11.62 billion of ECBs. Monthly ECB disbursements increased from $1.54 billion in April to $3.54 billion in August 2026, demonstrating the growing role of GIFT-IFSC as a platform for cross-border financing.
The development follows the recent direction of Finance Minister Nirmala Sitharaman to the MDs and 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).
Notably, Indian banks have raised $11.12 billion through bond listings on IFSC exchanges during April to August 2026, of which bonds totalling to $9.17 billion were listed in July-August 2026.