HSBC Holdings Plc and ICICI Bank Ltd. in GIFT City have become the leading lenders to India’s diaspora under a Reserve Bank of India foreign-exchange swap program, disbursing a combined $19.3 billion from June through August. The RBI’s concessional facility spurred $10.9 billion from HSBC and $8.4 billion from ICICI, with other banks adding $52.8 billion in total loans. The initiative has boosted GIFT City’s assets to an expected $150 billion by September, up from $120 billion in August, and increased non-resident depositor counts by nearly 50% to around 32,000.

IFSCA chair K. Rajaraman highlighted rapid customer onboarding, streamlined KYC processes, and infrastructure that enables interbank transfers in seconds. The hub’s tax exemptions and regulatory benefits aim to position it competitively against Singapore and Hong Kong, leveraging a record $127 billion inflow from overseas nationals to strengthen India’s currency buffer.