GIFT City aims to redefine global finance with distinct model, says MD Sanjay Kaul

In his welcome address during the second edition of the GIFT International Banking Forum (GIBF) 2025 on Friday, Kaul who took over as the MD and Group CEO of GIFT City in July stated, “Internally, when we discuss in GIFT City where do we stand, how do we position ourselves, we don’t say we are competing against a Dubai, or a Hong Kong or a Singapore or a London but we want to create something which is very distinct globally. That is the model we are working on.”

The second edition of the GIFT International Banking Forum (GIBF) 2025 at GIFT City Club saw the presence of senior regulators, global bank CEOs, and thought leaders to deliberate on how GIFT City can anchor India’s global financial ambitions.

Kaul said, “We are clear that we would not reach Hong Kong or Singapore in terms of volume of transactions in 3 to 5 years but then we can be different and cater to a different class of people who probably won’t go to these financial sectors.”

“This is not about replicating the existing International Financial Services Centres (IFSCs) globally, but building a distinct model. One that merges India’s dynamism with global regulatory standards. In doing so, GIFT has the potential not only to serve India’s domestic needs but also to become a gateway of capital flows across Asia, Middle East and Africa- regions that are reshaping the global financial order,” he added.

The invite-only event saw a strong turnout, with participation from over 50 banks and over 150 senior leaders from across the country.

With the theme “Powering India’s Global Financial Leadership”, the forum featured a full-day agenda of keynotes, presentations, and panel discussions, where conversations highlighted how GIFT City is positioned to drive innovation in multiple aspects of banking, including wholesale banking, retail wealth, and treasury — while shaping a unified vision for India as a global financial hub. “India today stands at a pivotal point in its journey. It has consolidated its position as a fastest growing major economy and to become the third largest economy by 2027. This momentum is not just about scale but transmission of the financial sector into a globally significant system. As India transitions from being a delivery hub to a strategic centre of global finance, GIFT City will continue to anchor this transformation — serving as the launchpad for innovation, capital flows, and financial leadership on the world stage,” he said.

Meanwhile, Pratik Shah, Partner and National Leader – Financial Services, EY India said, “GIFT City is India’s bold platform to bring global capital closer home and channel India’s capital to global markets.”

Operations at GIFT City:

33 aircrafts lessors registered with 271 aircrafts/helicopters/engines leased. The 271 aviation assets include 115 aircrafts, 71 engines and 85 auxiliary power units.

23 ship lessors registered, 28 ship leased from IFSC

Three foreign universities have set up their offshore campuses

Over 1000 registrations granted by IFSCA as on August 2025

186 funds management entities registered till July 2025

35 banks are functioning from GIFT City, including 3 Japan-based, 3 UK, 3 French, 2 USA , 1 German, 1 Singapore, 1 Australia, 1 Qatar, 2 UAE and India 17.