GIFT IFSC emerges as international banking hub with $52.82 bn FCNR(B) disbursals: Uday Kotak

GIFT IFSC banking units have disbursed $52.82 billion in FCNR(B) deposits under the RBI's special swap facility, marking its emergence as a growing international financial centre, according to Kotak Mahindra Bank founder Uday Kotak. As of August 31, 20 IFSC Banking Units sanctioned $54.02 billion under the facility, with disbursals reaching $52.82 billion. The units also disbursed $11.62 billion through External Commercial Borrowings between April and August 2026, while Indian banks raised $11.12 billion through bond listings on IFSC exchanges. The RBI reported total foreign exchange inflows of $136.38 billion under its special swap facility, introduced in June 2026. FCNR(B) deposits contributed $127.23 billion, with the window closing August 31, while the facility for ECBs and Overseas Foreign Currency Borrowings remains open until December 31.