Banking in Gift City

Abstract

The Banking ecosystem is not only the cornerstone of the GIFT IFSC but also one of its most thriving financial services. The IFSCA (Banking) Regulations, 2020 and the IFSCA Banking Handbook lay down the comprehensive principle-based regulatory framework for banking business in GIFT IFSC. This enabling framework is benchmarked with best global standards and practices and has been a game changer in the road map of banking business in GIFT IFSC, resulting in an impressive growth of total banking asset size from $14 bn. in September 2020 to $60 billion in March, 2024. As India is evolving towards its 2047 goal of ‘Viksit Bharat’, IFSCA is determined to develop the GIFT IFSC as an international nerve centre for Banking activity.