Indian banks operating through International Banking Units (IBUs) at GIFT City’s International Financial Services Centre (IFSC) have sanctioned loans worth $54.02 billion under the Reserve Bank of India’s swap facility for FCNR(B) deposits as of August 31, 2026. The amount has risen sharply from $4.1 billion sanctioned by 14 IBUs on July 15, reaching $18.87 billion by July 31 and accelerating to $54.02 billion by the end of August, with 20 IBUs now participating in the scheme. The rapid increase highlights growing demand for foreign currency funding through GIFT IFSC and the expanding role of its financial services infrastructure. IBUs also disbursed $11.62 billion through External Commercial Borrowings (ECBs) between April and August 2026, while Indian banks raised another $11.12 billion through bonds issued on IFSC exchanges during the same period. Taken together, the figures point to a significant expansion in foreign currency financing, international banking and capital-market activity at GIFT City, strengthening its position as a growing hub for global financial services in India.
