1 hr ago
GIFT City IFSC Channels $54 Billion Under RBI Swap Facility
Banks working in GIFT City used a special Reserve Bank of India facility to obtain foreign-currency funding.
By August 31, 2026, they had approved loans worth $54.02 billion.
About $52.82 billion of that money had already been given out.
The number of participating banking units increased to 20.
The amount approved grew very quickly during July.
GIFT-IFSC banks also provided $11.62 billion in overseas loans called External Commercial Borrowings.
Indian banks raised another $11.12 billion by listing bonds on IFSC exchanges.
Government officials said these figures show that GIFT-IFSC is becoming a larger international banking centre.
Twenty International Banking Units at GIFT-IFSC sanctioned $54.02 billion under the RBI’s FCNR(B) swap facility by August 31, 2026.
Approximately $52.82 billion of the sanctioned amount had already been disbursed, according to the Finance Ministry.
Sanctions rose from $4.1 billion through 14 IBUs on July 15 to $18.87 billion by July 31.
IBUs disbursed $11.62 billion in External Commercial Borrowings between April and August 2026.
Indian banks raised $11.12 billion through bond listings on IFSC exchanges during the same period.
- Who
- Twenty International Banking Units operated by Indian and foreign banks at GIFT-IFSC, with support from the Reserve Bank of India and the Finance Ministry.
- What
- The IBUs sanctioned $54.02 billion under the RBI’s FCNR(B) swap facility, with about $52.82 billion disbursed by August 31, 2026.
- Where
- GIFT City’s International Financial Services Centre in India.
- When
- The reported figures were as of August 31, 2026; related ECB disbursements and bond listings covered April through August 2026.
- Why
- The facility and financial infrastructure were used to connect banks with foreign-currency liquidity and support cross-border financing.
Key facts
- FCNR(B) sanctions
- $54.02 billion sanctioned by 20 IBUs as of August 31, 2026.
- FCNR(B) disbursements
- Approximately $52.82 billion had been disbursed by August 31, 2026.
- Participating IBUs
- The facility involved 20 International Banking Units, including Indian and foreign banks.
- ECB disbursements
- $11.62 billion disbursed between April and August 2026.
- August ECB disbursement
- Monthly ECB disbursements reached $3.54 billion in August, up from $1.54 billion in April.
- Bond listings
- Indian banks raised $11.12 billion through IFSC exchange bond listings from April to August 2026.
- Recent bond listings
- Bonds worth $9.17 billion were listed during July and August 2026.
Quotes
K. Rajaraman
Chairperson of the International Financial Services Centres Authority
“The rapid scale-up of banking activity at GIFT-IFSC is a strong testament to the depth, capability and growing international orientation of India’s GIFT City International Financial Services Centre.”
thehansindia.com
Finance Ministry statement
Official statement issued by India’s Finance Ministry
“The 20 participating IBUs include leading Indian banks as well as foreign banks, with individual IBUs recording substantial sanctions and disbursements under the facility.”
thehansindia.com
Sources
Related news
GIFT City Channels Nearly $53 Billion Through FCNR(B) Scheme
ICICI Bank Mobilises $17.88 Billion Under RBI FCNR(B) Facility
RBI Forex Swap Attracts $136.4 Billion, Led by FCNR(B)
RBI Forex Swap Draws $72.85 Billion Inflows by August 21
RBI Forex Swap Facility Draws $72.85 Billion in Inflows
India’s Foreign Currency Facility Draws $72.85 Billion
India Raises Petrol, Diesel Export Taxes, Cuts Jet Fuel Levy
India’s August GST Collections Near ₹2 Lakh Crore, Refunds Surge
Finance Ministry Flags Severe Attrition Across Regional Rural Banks
IIT Hyderabad Hosts Cybersecurity and AI Banking Fraud Hackathon
