Gandhinagar: GIFT City’s International Financial Services Centre (GIFT-IFSC) is gaining scale as a cross-border banking and financing hub, with its International Banking Units (IBUs) mobilising more than $52.8 billion through the Reserve Bank of India’s special FCNR(B) swap facility, alongside significant external commercial borrowings and international bond listings.
The latest figures released by the International Financial Services Centres Authority (IFSCA) show that as of August 31, 2026, 20 IBUs had sanctioned $54.02 billion under the RBI facility for Foreign Currency Non-Resident (Bank) deposits, of which around $52.82 billion had been disbursed.
FCNR(B) Mobilisation Crosses $52 Billion
The scale of activity under the special swap facility has risen sharply in recent weeks.
Read Also: Reserve Bank Appoints Three New Non-Official Directors for Four-Year Term
Key figures as of August 31:
- $54.02 billion sanctioned by 20 IBUs.
- $52.82 billion already disbursed.
- Sanctions rose from $28.60 billion on August 14 to $37.26 billion on August 21.
- Both Indian and international banks participated through their IBUs at GIFT-IFSC.
IFSCA said the participation demonstrates the ability of GIFT-IFSC to connect banks with global sources of foreign-currency liquidity and channel international capital towards India’s financing requirements.
ECB Disbursements Reach $11.62 Billion
The momentum has also extended to External Commercial Borrowings (ECBs).
Between April and August 2026, IBUs at GIFT-IFSC disbursed $11.62 billion in ECBs. Monthly disbursements increased from $1.54 billion in April to $3.54 billion in August.
This growth indicates the expanding role of GIFT-IFSC in facilitating cross-border financing for Indian entities.
Banks Raise $11.12 Billion Through Bond Listings
Indian banks also raised $11.12 billion through bond listings on IFSC exchanges between April and August 2026.
A substantial portion came during the latest two months:
- Total bond listings: $11.12 billion
- Listings during July-August: $9.17 billion
- Period covered: April-August 2026
The figures point to increasing access to international capital markets through the IFSC ecosystem.
Global Sources of Capital
IFSCA said IBUs at GIFT-IFSC are being used to mobilise funds from multiple international jurisdictions.
These include:
- United Kingdom
- United States
- Mexico
- West Asia
- Hong Kong
- Singapore
- Selected African countries
The regulator said the diversified activity across foreign-currency mobilisation, ECB financing and international bond issuance is strengthening GIFT-IFSC’s position as an integrated international banking ecosystem.
Finance Ministry Push for Greater Use of GIFT-IFSC
The development follows a recent direction from the Union Finance Minister to the managing directors and CEOs of public sector banks to make greater use of the financial-services ecosystem and institutional infrastructure available at GIFT-IFSC.
The focus includes effective implementation of the RBI’s swap facilities for FCNR(B) deposits and ECBs, as well as greater mobilisation of funds from global jurisdictions through GIFT City.
IFSCA Says IFSC Is Becoming a Global-India Financing Bridge
IFSCA Chairperson K. Rajaraman said the rapid expansion of banking activity demonstrates the growing international orientation of GIFT-IFSC.
He said the mobilisation of more than $52 billion through the FCNR(B) swap facility, along with ECB activity and international bond listings, shows that the IFSC is increasingly functioning as a bridge between global pools of capital and India’s financing requirements.
Rajaraman added that IFSCA would continue working towards a competitive, well-regulated and globally connected financial ecosystem at GIFT-IFSC.
About GIFT-IFSC
The International Financial Services Centres Authority is India’s unified regulator for financial products, financial services and financial institutions operating in International Financial Services Centres.
It was established under the IFSCA Act, 2019. GIFT-IFSC, located in Gujarat’s GIFT City, is being developed as an international financial hub connecting Indian opportunities with global investors and markets.
Read Also: Who Is K Rajaraman? Former Telecom Secretary Gets Extension as IFSCA Chairperson Till 2028
