GIFT IFSC emerges as a strong and vibrant international banking hub, mobilises over $52.8 billion under RBI’s FCNR(B) Swap Facility, $11.62 bn in ECBs and $11.12 bn in bond listings by banks in IFSC exchanges

The International Financial Services Centres Authority (IFSCA) highlighted the growth of GIFT City IFSC as an international banking hub supporting India’s foreign currency mobilisation and external financing requirements. As of August 31, 2026, 20 IFSC Banking Units (IBUs) disbursed approximately USD 52.82 billion under the Reserve Bank of India’s FCNR(B) swap facility. Additionally, IBUs disbursed USD 11.62 billion in External Commercial Borrowings (ECBs) between April and August 2026, and Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges during the same period. This activity follows directions from the Union Finance Minister to public sector banks to leverage GIFT-IFSC infrastructure for fund mobilisation from global jurisdictions.