HSBC, ICICI Bank disbursed $19.3B in RBI-backed GIFT City scheme
Business
HSBC and ICICI Bank have disbursed a combined $19.3 billion through the RBI-backed scheme in Gujarat's GIFT City, aiming to put this financial district on the global map.
Their move is part of a wider push: 20 lenders in the zone gave out a combined $52.8 billion in loans from June till the end of August 2026.
GIFT City assets to reach $150B
With banking assets expected to jump from $120 billion in August to $150 billion by September, GIFT City is quickly catching up with big players like Singapore and Hong Kong.
Tax perks and slick infrastructure are drawing record amounts from NRIs through special programs, making this spot one of the most exciting new hubs for global finance.