Banks book foreign-currency lending, deposits, trade finance and treasury from GIFT IFSC. IFSCA reports banking assets above USD 120 billion as at June 2026.
The first decision is structural: a branch, a subsidiary or an administrative office. Everything else follows from it.
A foreign bank opening an IFSC Banking Unit
A global bank wants to lend in USD to Indian corporates and regional clients.
An IBU (branch) under the Banking Regulations.
The steps
- Obtain home-regulator comfort.
- File the CAF and banking annexure.
- Meet the Handbook's capital, liquidity and conduct rules.
Points that need care
- Borrower-side ECB conditions for Indian borrowers.
A bank choosing between branch and subsidiary
A bank wants ring-fencing or a separate rating for its IFSC business.
An IFSC Banking Company.
The steps
- Compare capital and governance for each form.
- Decide on board composition.
Points that need care
- Branches and subsidiaries are compared only within the banking framework.
A bank's global administrative office
A bank wants operations and support functions for its group in GIFT City.
A Global Administrative Office.
The steps
- Define the permitted scope.
- File the GAO annexure.
Points that need care
- Group-only scope.
An Indian bank expanding its IFSC presence
An Indian bank wants to grow its existing IBU or add products.
Product approvals and Handbook compliance.
The steps
- Map new products to permitted activities.
- Update policies and reporting.
Points that need care
- Handbook version changes.
Foreign-currency accounts for wealthy individuals
A bank wants to offer IBU accounts to resident and NRI clients.
Accounts within the LRS and the banking framework.
The steps
- Design onboarding for residents within LRS.
- Set up KYC and AML controls.
Points that need care
- Permitted uses of LRS funds.
Talk to the firm about your plans.
A short note on what you are setting up is enough for a first conversation. No confidential information is needed at this stage.
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