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 India

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.