8 hrs ago

HSBC, ICICI Bank Lead GIFT City’s Record NRI Lending Drive

India created a special programme to encourage people living abroad to place foreign-currency deposits with Indian banks.

Banks in GIFT City then used those deposits to provide loans.

HSBC Holdings and ICICI Bank were the biggest lenders in the programme.

Together, they provided $19.3 billion in loans.

In total, 20 GIFT City banks provided $52.8 billion.

The programme helped bring a reported $127 billion from overseas Indians into India through special schemes.

GIFT City now has more depositors and more banking activity.

Officials and experts expect its banking assets to grow further.

New customer-verification and payment systems are also being developed.

Key facts

Top lenders: HSBC Holdings lent $10.9 billion and ICICI Bank lent $8.4 billion.
Total lending: Twenty GIFT City banks extended $52.8 billion under the programme.
Overseas inflows: The facility helped attract a reported $127 billion from overseas Indians through special schemes.
Banking assets: Assets stood at $120 billion at the end of August and are expected to exceed $150 billion by September-end.
Depositors: GIFT City had around 32,000 bank depositors, nearly 50% more than at the end of March.
Participating banks: Other lenders included Bank of Baroda, State Bank of India, and Canara Bank.
Customer verification: Assisted video KYC is available for non-resident Indians, while biometric-based unassisted face authentication is expected by the end of 2026.

freepressjournal.in · 8 hrs ago