GIFT City IFSC Disburses Over $52.8 Billion Under RBI’s FCNR(B) Swap Facility

GIFT City’s International Financial Services Centre (IFSC) has recorded more than $52.8 billion in disbursements under the Reserve Bank of India’s (RBI) swap facility for FCNR(B) deposits, the International Financial Services Centres Authority (IFSCA) said, as per a MoneyControl news report. 

As of August 31, 2026, 20 IFSC Banking Units (IBUs) had sanctioned $54.02 billion under the facility, of which around $52.8 billion had been disbursed.  

Both Indian and foreign banks operating from GIFT-IFSC are participating in the facility. 

Sanctions Rise in August 

The sanctioned amount increased from $28.6 billion on August 14 to $37.26 billion on August 21, 2026. It then rose to $54.02 billion by the end of August. 

IFSCA said the funds came from several jurisdictions, including the UK, US, Mexico, West Asia, Hong Kong, Singapore and parts of Africa. The authority said the funds were channelled through IBUs at GIFT-IFSC. 

Public Sector Banks Asked to Use Facility 

The increase in activity followed a direction from Union Finance Minister Nirmala Sitharaman to managing directors and chief executive officers of public sector banks. 

She asked the banks to make greater use of GIFT-IFSC infrastructure for implementing RBI swap facilities for FCNR(B) deposits and External Commercial Borrowings (ECBs). 

ECB Disbursements at $11.62 Billion 

IBUs also disbursed $11.62 billion through ECBs between April and August 2026. Monthly disbursements increased from $1.54 billion in April to $3.54 billion in August. 

Indian banks raised another $11.12 billion through bond listings on IFSC exchanges during the same period. Bond listings accounted for $9.17 billion of the amount raised in July and August. 

IFSCA on Activity at GIFT-IFSC 

IFSCA Chairperson K. Rajaraman said the increase in FCNR(B) swaps, ECB activity and international bond listings reflected the growing volume of banking activity at GIFT-IFSC. 

The latest figures cover activity across foreign currency swaps, ECBs and bond listings between April and August, with FCNR(B) disbursements forming the largest component. 

Read More: India’s Economy Expands 7.8% in Q1 FY27 As Services and Fixed Investment Drive Growth! 

Conclusion  

The RBI’s FCNR(B) swap facility saw $54.02 billion in sanctions through GIFT-IFSC by August-end. Disbursements under the facility stood at around $52.8 billion. 

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