Archive · 3 Sep 2026
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.
- When
- The reported figures were as of August 31, 2026; related ECB disbursements and bond listings covered April through August 2026.
- Where
- GIFT City’s International Financial Services Centre in India.
- Why
- The facility and financial infrastructure were used to connect banks with foreign-currency liquidity and support cross-border financing.
- 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.
