Over 100 MNCs have approached JPMorgan to explore treasury solutions at GIFT City.
GIFT City's banking assets have crossed $100 billion, more than doubling in two years.
The hub hosts 10 corporate treasury centres, with more growth expected ahead.
More than 100 multinational companies have approached JPMorgan Chase & Co. to explore banking and payment solutions for corporate treasury operations at GIFT City over the next 12 to 18 months, the bank said. The interest spans companies including insurance firms and fintech businesses.
Guhaprasath Rajagopal, managing director and head of payments at JPMorgan India, said the scale of interest in the Gujarat-based financial hub is something the bank has not seen before. "Treasury centers are a major theme for GIFT City, and the ability to offer foreign-currency accounts alongside rupee capabilities provides an additional tailwind," he said in an interview with Bloomberg.
4 July 2026
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Rajagopal added that significant internal evaluation is currently underway at corporates, particularly multinational firms, as companies look to cut borrowing costs and use surplus cash more efficiently amid volatile commodity prices.
What Sets GIFT City Apart
Established in 2015, GIFT City is India's first financial and technology hub with a global focus, built to compete with hubs such as Singapore and Dubai. It allows Indian and international companies to transact in foreign currencies, manage global treasury functions, and access international markets, all under a single regulator.
Its International Financial Services Centre (IFSC) is central to this setup. Unlike businesses elsewhere in India that deal with multiple regulators, companies operating within the IFSC are overseen by one authority, the International Financial Services Centres Authority (IFSCA), which regulates banking, insurance and capital markets. The hub also offers tax incentives and lighter regulatory requirements, making it easier for companies to raise funds from international investors.
Banking Assets Cross $100 Billion
GIFT City's banking sector has expanded rapidly, with total banking assets surpassing $100 billion by September, more than double the level recorded two years earlier, according to available data. The growth has been supported by several incentives, including a 20-year tax break introduced in April.
The hub currently hosts 10 corporate treasury centres, including the AMNS Global Treasury Centre IFSC and Amefird Treasury, as per IFSCA data. Officials and bankers expect the next phase of growth to come from more multinational companies setting up treasury operations at the hub.
New Business For Banks
The expansion of GIFT City is creating new business opportunities for banks, particularly in liquidity management, as multinational companies consolidate their cash and funding operations in one location. This has increased the role banks play in helping firms manage money efficiently across markets.
Rajagopal said JPMorgan offers services such as physical pooling, cash concentration and notional pooling to companies operating at the hub. Physical pooling involves moving funds from the accounts of different group companies into a single central account. Notional pooling, in contrast, combines account balances on paper to improve cash management without actually transferring funds between accounts.
