GENERAL3 Sept 2026
'Excellent performance': Uday Kotak praises GIFT IFSC banking units’ $52 billion funding
Uday Kotak has praised banking units at GIFT IFSC for their excellent performance. IFSCA reported that 20 IFSC Banking Units sanctioned $54.02 billion under RBI's special swap facility for FCNR(B) deposits by August 31, 2026. This strengthens foreign currency mobilisation and cross-border financing. Indian businesses seeking overseas funds now have more options through IFSC banking units.
Key Statutory Highlights
- Uday Kotak praised GIFT IFSC banking units' performance in foreign-currency mobilisation.
- As of August 31, 2026, 20 IFSC Banking Units had sanctioned $54.02 billion under RBI's special swap facility for FCNR(B) deposits.
- IFSCA highlighted cross-border financing milestones achieved by GIFT IFSC.
Actionable Advice for Taxpayers / Founders:If your business needs foreign currency funding, talk to your CA or an IFSC banking unit to see if the RBI swap facility suits your needs.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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