Archive · 16 Sep 2026
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.
HSBC Holdings and ICICI Bank provided a combined $19.3 billion in loans through the Reserve Bank of India’s foreign-exchange swap programme.
Twenty banks operating from GIFT City extended $52.8 billion in loans under the facility between June and August.
HSBC Holdings disbursed $10.9 billion, while ICICI Bank provided $8.4 billion.
The programme helped attract a reported record $127 billion from overseas Indians through special schemes.
GIFT City’s banking assets are expected to exceed $150 billion by September-end, up from $120 billion at the end of August.
- Who
- HSBC Holdings, ICICI Bank, 20 GIFT City banks, the Reserve Bank of India, and overseas Indian depositors.
- What
- Banks operating from GIFT City provided $52.8 billion in loans through a foreign-exchange swap programme for foreign-currency non-resident deposits.
- When
- The lending facility operated from June to August; banking assets are expected to exceed $150 billion by September-end.
- Where
- Gujarat International Finance Tec-City, India.
- Why
- The programme was designed to attract foreign-currency deposits from overseas Indians and support India’s management of external currency pressures.
- 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.