GIFT City banking assets exceed USD 100 bn: HSBC-EY India compendium

New Delhi, Dec 5 (PTI) Banking assets in GIFT City have exceeded USD 100 billion, with growing demand for trade finance, treasury and structured products, an HSBC and EY India compendium said.

The compendium offers a structured view of the regulatory, tax, and operating environment that underpins the International Financial Services Centre at GIFT City in Gandhinagar.

The compendium notes that banking continues to anchor GIFT City's growth, with significant expansion in the International Banking Units (IBUs), with consolidated assets now exceeding USD 100 billion.

Trade finance, treasury operations, and cross-border lending have seen a marked uptick as global and Indian banks increasingly use IFSC to centralise offshore operations, it said.

It highlights a clear shift from basic booking activities to more sophisticated business lines such as structured finance, global treasury centres, and risk management functions.

According to the compendium, capital market activity at IFSC exchanges has expanded steadily, with average monthly turnover around USD 90 billion.

"Cumulative debt listings have crossed USD 67 billion, making IFSC a preferred venue for global bond issuances by Indian corporates, multilateral institutions, and international issuers," it added.

GIFT City has crossed 1,000 registered entities, marking a significant milestone in market maturity, said the compendium -- The GIFT City Advantage: Doing Business in India's International Financial Services Centre (IFSC).

Fund management is the fastest-growing vertical with 310 AIFs and USD 26 billion in total commitments, said the compendium unveiled on Thursday by K Rajaraman, Chairman of IFSCA and Anuradha Thakur, Secretary, Department of Economic Affairs, Government of India.

A release said the compendium serves as an essential resource for both global and domestic firms, offering a comprehensive overview of the financial services ecosystem at GIFT City, IFSC.

It highlights the impact of progressive policymaking, state-of-the-art infrastructure, and a unified regulatory framework provided by IFSC Authority (IFSCA).

GIFT City is advancing towards becoming a global aviation and maritime leasing hub with 303 aviation assets and 28 ships leased. PTI NKD TRB