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IFSC Ecosystem and Business Growth Unwrapping GIFT City Business activity in India's offshore financial hub has surged after the IFSCA* took charge as its unified regulator in October 2020 No. of registered firms Employment in GIFT SEZ No. of banks Sep '20 129 Feb 23 450 20,000 8,000 23 14 Asset size of banks (in $ bn) 14 Cumulative banking transactions (in $ bn) 45 *International Financial Services Centres Authority THE KEN Graphic by Adhithi Priya R, 08 Apr 23 Khandhar Mehta & Shah | Chartered Accountants 36 407 fin Source: IFSCA 31

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