GIFT City's IFSC approves $54.02bn under RBI FCNR(B) swap
GIFT City's International Financial Services Centre (IFSC) has become a big player in bringing foreign money to India.
By August 31, 2026, its banking units had approved $54.02 billion under the RBI's FCNR(B) swap facility, with $52.8 billion already paid out.
August saw a huge jump (sanctions nearly doubled from $28.6 billion to over $54 billion) thanks to both Indian and global banks getting involved.
Banks disburse $11.62bn, raise $11.12bn
Between April and August, banking units disbursed $11.62 billion in External Commercial Borrowings (ECBs), following Finance Minister Nirmala Sitharaman's push for more international funding.
Indian banks also raised another $11.12 billion through bond listings on IFSC exchanges (mostly between July and August), with investors coming from places like the US the UK Hong Kong, and West Asia.
All this shows how GIFT City is connecting India to global capital and making it a serious financial hub.