The International Financial Services Centre at Gujarat International Finance Tec-City (GIFT IFSC) kept growing in the year to March 2026, though more slowly on some measures. The 2025-26 annual report of its regulator, the International Financial Services Centres Authority (IFSCA), counts 1,213 registrations, licences and authorisations at 31 March 2026, up more than 40% from 864 a year earlier. Banking assets reached USD 111 billion, and investors had committed USD 39.09 billion to non-retail funds.
How big is GIFT IFSC now?
GIFT IFSC's banking, fund and exchange numbers all rose in 2025-26. The table compares IFSCA's last two year-end figures with the newest highlights on IFSCA's website, retrieved on 9 November 2026.
| Measure | March 2025 | March 2026 | Change | June 2026 highlight |
| IFSCA registrations and authorisations | 864 | 1,213 | Over 40% | 1,260 final |
| Banking assets (USD billion) | 88.51 | 111.00 | 25.41% | 120+ |
| IFSC Banking Units (IBUs) | 29 | 37 | 27.59% | Not stated |
| Fund management entities | 162 | 217 | 33.95% | Not stated |
| Funds and schemes | 229 | 360 | 57.21% | Not stated |
| Cumulative non-retail fund commitments (USD billion) | 15.74 | 39.09 | 148.35% | 45+ |
| Average monthly exchange turnover (USD billion) | 93.76 | 99.86 | 6.51% | 105+ for April to June 2026 |
The March 2026 and June 2026 registration figures are not directly comparable. The March total includes 66 in-principle or provisional approvals, and IFSCA reports 1,147 final registrations and authorisations without them. IFSCA labels its June figure of 1,260 as final, so on IFSCA's labels the gain over that quarter is about 113.
Growth since March 2022
Banking assets have grown nearly fourfold since March 2022, and annual exchange turnover more than fivefold, but the pace is slowing. Turnover growth fell from about 58% in 2024-25 to 6.5% in 2025-26, and banking asset growth fell from about 47% to 25%. Fund commitments moved the other way, with growth rising from about 87% to 148%. We have not compared these figures with Singapore or Dubai, because a fair comparison needs matching definitions.
| Financial year end (March) | 2022 | 2023 | 2024 | 2025 | 2026 |
| Banking assets (USD billion) | 29.38 | 38.28 | 60.25 | 88.51 | 111.00 |
| Banking asset growth | Not shown | 30.3% | 57.4% | 46.9% | 25.4% |
| Customer credit (USD billion) | 18.49 | 23.94 | 39.11 | 59.60 | 76.14 |
| Exchange turnover in the year (USD billion) | 219.4 | 447.2 | 710.8 | 1,125.1 | 1,198.3 |
| Turnover growth | Not shown | 103.8% | 58.9% | 58.3% | 6.5% |
| Fund management entities | Not shown | 65 | 104 | 162 | 217 |
| Funds and schemes | Not shown | 50 | 115 | 229 | 360 |
Banking: USD 111 billion, mostly wholesale
GIFT IFSC's banks mainly fund themselves through inter-bank and inter-branch borrowing, not from depositors. Our calculation from IFSCA's liabilities table shows inter-bank and inter-branch borrowing of USD 80.47 billion, or about 72% of the USD 111 billion total. Customer deposits were USD 8.99 billion, or about 8%, and retail customers held only USD 1.72 billion of that.
On the asset side, customer credit rose 27.75% to USD 76.14 billion. External commercial borrowings (ECBs), which are governed by RBI's ECB framework, rose 49.75% to USD 41.18 billion. IFSCA says commercial loans, including ECBs and trade finance, were the biggest contributor to the rise in customer credit, so the two figures should not be added together.
During the year, these banks disbursed USD 50.67 billion of trade finance and provided USD 6.25 billion of sustainable financing. They employed 585 people at March 2026. Our summary of IFSCA's banking FAQs for IFSC Banking Units explains how these banks are set up.
Funds: commitments are not the same as money invested
Fund commitments more than doubled in 2025-26, but a commitment is only a promise to invest. At March 2026, the 350 non-retail schemes had USD 39.09 billion in commitments, USD 19.51 billion raised and USD 19.66 billion invested. About 50% of commitments had been raised. Under the IFSCA Fund Management Regulations, venture capital and restricted schemes are open to accredited investors or those investing at least USD 250,000 and USD 150,000 respectively, while retail schemes can be offered to all investors or a section of them. Cumulative investments are slightly above funds raised in IFSCA's figures, and the report does not explain the gap.
| Fund measure at 31 March 2026 | Figure |
| Registered fund management entities | 217 |
| Total funds and schemes | 360 |
| Non-retail schemes | 350 |
| Retail schemes | 10 |
| Cumulative investments by retail schemes | About USD 40.81 million |
| Retail money invested in India | About USD 14.27 million |
| Retail money invested in other jurisdictions | About USD 26.54 million |
| Fund managers offering portfolio management services (PMS) | 36, managing USD 1.39 billion |
Retail schemes are the newest part of the market. All 10 were filed during 2025-26, and their investments were about 0.2% of the USD 19.66 billion invested by non-retail schemes. Roughly 65% of that retail money went outside India. You can see which funds are open today on our GIFT City funds page, and how each type is built in our guide to GIFT City fund structures.
Exchanges: nearly USD 1.2 trillion of turnover
IFSCA reports that turnover on IFSC stock exchanges rose about 6.5% to nearly USD 1.2 trillion in 2025-26, driven by institutional trading in GIFT Nifty futures. Derivatives made up nearly all of it. The monthly average was USD 99.86 billion, and months ranged from USD 87.85 billion in August 2025 to USD 130.11 billion in March 2026.
Cumulative debt listings on IFSC exchanges reached USD 70.31 billion at March 2026, including about USD 5.2 billion listed during the year. Active demat accounts, which hold securities electronically, rose 6.20% to 69,270, and the number of capital markets entities rose 26.32% to 192.
Leasing, insurance and other activity
| Sector, at 31 March 2026 unless stated | Figure |
| Aircraft lessors | 35 |
| Ship lessors | 36 |
| Aviation assets leased | 373 |
| Ships leased | 37, of which 16 are foreign flagged |
| Insurance firms and intermediaries | 36 and 34 |
| Premium written by IFSC insurance offices | USD 648.68 million in 2025-26 |
| Finance companies, including the 35 aircraft and 36 ship lessors above | 93 |
| Credit outstanding by global or regional treasury centres | USD 5.61 billion |
| TechFin and ancillary service providers | 120 |
| Gold imported through the bullion exchange | 102.33 tonnes since launch, about USD 8.59 billion |
Source: IFSCA Annual Report 2025-26, Section B and Appendix Table 1.
Gold shows why a cumulative figure can mislead. Of the 102.33 tonnes imported through the exchange since launch, only 0.92 tonnes came in during 2025-26.
IFSCA's website showed 454 aviation and ship assets leased by June 2026, compared with 410 at March. It also showed 127 TechFin and ancillary service providers, up from 120. These June figures may use different definitions.
What these numbers mean for investors
These totals describe the whole centre. They do not show whether a particular fund suits you.
- A licence is permission, not activity. The registration total counts approvals across sectors, and at March 2026 it included 66 in-principle or provisional approvals.
- Commitments and funds raised say nothing about returns. Judge a fund on its own performance, costs and terms.
- Retail investing is at an early stage. All 10 retail schemes were filed in 2025-26, so their track records are short. Check each fund's size and history, then compare GIFT City funds.
Our complete guide to GIFT City explains how the IFSC fits into the wider city.
How we compiled these figures
The March and multi-year figures come from the IFSCA Annual Report 2025-26, at pages 9-10 (highlights), 15-16 (banking), 45 (exchanges), 60-61 (funds), 69 (bullion) and 155-156 (appendix). June 2026 figures come from IFSCA's website highlights, which are not annual-report data and may use different definitions. The funding shares, funds-raised share, retail share, 410 leased assets, 113 registration gain, growth rates and growth multiples are our own calculations from those figures.
GiftCity360 is an independent information platform covering NAVs, returns, fees and documents for GIFT City funds, taken from fund houses' official sources. Read who we are and how we source our data, or contact us to report an error.
