GIFT City bank assets rise 60% to $193 billion
Business
Banks in Gujarat's GIFT City just saw their assets leap by 60% in only three months, hitting $193 billion.
This rapid growth is helping India step up as a serious player in global finance, putting it in the same league as places like Singapore and Hong Kong.
RBI swap fuels GIFT City inflows
A special swap facility from the Reserve Bank of India kicked off this surge, along with more foreign currency deposits and external commercial borrowings.
Big names like HSBC and Mitsubishi UFJ are setting up shop here for the city's tax perks and flexible rules.
While there have been some policy hiccups (like tax notices), officials say they are working to keep things smooth so GIFT City keeps attracting global investors.