GIFT-IFSC Mobilises Over Dollar 52 Billion Through RBI Forex Swap Facility
2 min read
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.
Key Takeaways
- GIFT-IFSC’s International Banking Units sanctioned $54.02 billion and disbursed about $52.82 billion under RBI’s FCNR(B) swap facility as of August 31, 2026.
- Sanctions rose sharply from $28.60 billion on August 14 to over $54 billion by August 31.
- GIFT-IFSC banking units also disbursed $11.62 billion in External Commercial Borrowings between April and August 2026.
- The activity underscores GIFT-IFSC’s growing role connecting Indian banks to overseas foreign-currency sources.
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.
