Gandhinagar, September 3: GIFT City’s International Financial Services Centre (GIFT-IFSC) is playing a growing role in helping India access foreign currency and international financing, with its banking units recording strong activity under the Reserve Bank of India’s special FCNR(B) swap facility.
As of August 31, 2026, 20 International Banking Units (IBUs) at GIFT-IFSC had sanctioned $54.02 billion under the facility, while around $52.82 billion had already been disbursed.
The activity has increased sharply in recent weeks. Total sanctions rose from $28.60 billion on August 14 to $37.26 billion on August 21 and then crossed $54 billion by August 31.
The strong participation of Indian and international banks highlights the growing importance of GIFT-IFSC as a platform for connecting banks with overseas sources of foreign currency. The funds can support India’s external financing and broader economic requirements.
GIFT-IFSC has also seen increased activity in External Commercial Borrowings. Between April and August 2026, its banking units disbursed $11.62 billion in ECBs. Monthly disbursements increased from $1.54 billion in April to $3.54 billion in August.
Indian banks also raised $11.12 billion through bond listings on IFSC exchanges during the same five-month period. A significant portion of these listings took place during July and August.
IFSCA Chairperson K. Rajaraman said the growing banking activity shows the expanding strength and international reach of GIFT-IFSC. He said the financial centre is increasingly helping connect global capital with India’s financing needs.
The latest developments underline GIFT-IFSC’s growing role in international banking, foreign currency mobilisation and cross-border financing. The government is also encouraging greater use of the financial infrastructure available at GIFT City to strengthen India’s links with global markets.