Global interest in GIFT City is booming: JPMorgan says in talks with 100 multinationals

The Gujarat International Finance Tec-City, referred to as GIFT City, is a project launched by Prime Minister Narendra Modi aiming to establish it as a worldwide financial centre comparable to Dubai or Hong Kong.
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Elke Scholiers

More than 100 firms have reached out to JPMorgan Chase & Co to examine banking and payment options for corporate treasury activities in India’s GIFT City during the next 12‑18 months, underscoring rising interest from global companies in the nation’s financial hub.

“We haven’t observed anything similar before,” said Guhaprasath Rajagopal, managing director and head of payments at JPMorgan India, in an interview. “Treasury centres are a key focus for GIFT City, and offering foreign‑currency accounts together with rupee facilities adds further momentum.”

“Clients approaching the Wall Street bank also comprise insurance firms and fintech companies,” he added.

The Gujarat International Finance Tec-City, commonly called GIFT City, is an initiative of Prime Minister Narendra Modi to position it as a global financial hub to rival Dubai or Hong Kong. The zone provides exemptions from specific taxes and regulatory constraints, making it more appealing for international capital raising.

Attractive incentives

Banking assets within the hub situated in Modi’s home state have doubled to exceed $100 billion as of September, up from two years prior. This surge is fueled by incentives such as a 20‑year tax holiday that began in April.

There are currently ten corporate treasury centres operating in GIFT City. Examples include AMNS Global Treasury Centre IFSC and Amefird Treasury, according to the International Financial Services Centres Authority, the regulator. 

The forthcoming wave is anticipated to be led by multinational corporations.

“Significant internal assessment is presently taking place at corporations, especially among multinational entities,” noted Rajagopal. 

The expansion is generating opportunities for banks to deliver liquidity‑management services, an increasingly vital offering as global enterprises aim to centralise cash and funding functions.

JPMorgan provides services such as physical pooling, cash concentration and notional pooling, Rajagopal explained. Physical pooling aggregates cash balances from subsidiaries into a single account, whereas notional pooling offsets balances across multiple accounts without moving the actual funds.

“Firms worldwide seek to reduce borrowing expenses and deploy excess cash efficiently, particularly when commodity prices stay volatile,” remarked the managing director.

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Published on July 17, 2026