French and UAE Banks Set to Expand Footprint in GIFT City’s Financial Landscape
In a significant boost to India’s International Financial Services Centre (IFSC) ambitions, foreign banks from France and the UAE are lining up to establish IFSC Banking Units (IBUs) in GIFT City, Gujarat. With recent approvals to Natixis, Credit Agricole, and applications from Societe Generale, First Abu Dhabi Bank PJSC, and Mashreq Bank, GIFT City is fast becoming a preferred global hub for cross-border banking and financial services.
The International Financial Services Centres Authority (IFSCA) has issued in-principle approvals to major French and UAE banks to set up IFSC Banking Units (IBUs). The total number of IBUs in GIFT City has now reached 31, more than doubling since 2022. This development highlights GIFT City’s growing global stature and India’s increasing attractiveness as a financial services destination.
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IBUs in GIFT City
| Summary/Static | Details |
| Why in the news? | Foreign banks expanding to GIFT City |
| Countries Involved | France and UAE |
| Approved Banks | Credit Agricole, Natixis |
| Applied Banks | Societe Generale, First Abu Dhabi Bank, Mashreq Bank |
| Domestic Applicant | Bank of Maharashtra |
| Total IBUs in June 2025 | 31 (14 foreign banks) |
| IBUs in 2022 | 15 |
| First IBU in GIFT City | Yes Bank (October 2015) |
| Cumulative IBU assets | $88.5 billion (March 2025) |
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