India’s GIFT City bank assets rose roughly 60% since June to about $193bn at
end-September, IFSCA chairman Rajaraman said, up from $120.69bn in June. IFSCA
attributes the expansion to a growing credit market—particularly bank
lending—with most asset growth driven by foreign-currency deposits and external
commercial borrowings. The regulator says GIFT City is competing with Singapore
and Hong Kong to attract foreign capital, and its banks are expected to become a
material funding source for Indian corporates’ domestic operations and global
expansion.
