Gandhinagar, March 30 -- Banking assets at GIFT City's International Financial Services Centre (IFSC) have crossed USD 106.7 billion as of February 2026, marking a more than seven-fold increase from USD 14 billion in September 2020, underscoring the rapid scale-up of India's offshore banking ecosystem, according to a statement released by GIFT city.

The growth has been supported by a robust and expanding banking base, with 37 banks operating in GIFT IFSC, including 20 foreign banks and 17 domestic banks, establishing International Banking Units (IBUs) to service cross-border financial flows.

Leading global banks such as DBS Bank, Credit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho Bank, Societe Generale and Standard Char...