Best NRI Account Options in India: Exploring the Rise of GIFT City Accounts

Introduction

Choosing the best NRI account in India depends on your source of income, banking requirements, investment goals, and whether you need to manage funds in Indian Rupees or foreign currencies. While NRE and NRO Accounts continue to be the foundation of NRI banking, GIFT City has introduced a new category of banking solutions designed specifically for international financial management.

A GIFT City account enables eligible NRIs to hold foreign currency balances while accessing the regulatory advantages of India's International Financial Services Centre (IFSC). Understanding how these account options differ can help NRIs build a banking strategy that suits their global financial needs.

Understanding the main NRI account options

NRIs today have access to multiple banking solutions, each designed for a different purpose.

Account Type	Primary Purpose
NRE Account	Manage overseas income in Indian Rupees
NRO Account	Manage income earned in India
GIFT City Account	Hold foreign currency balances and manage international banking requirements

Rather than replacing one another, these accounts often complement each other.

NRE and NRO Accounts remain the foundation

For many NRIs, an NRE or NRO Account is the first banking relationship established in India.

An NRE Account is generally suitable for:

• Overseas salary and foreign income
• Full repatriation of principal and interest
• Managing savings in Indian Rupees
• Tax-efficient savings, subject to applicable laws

An NRO Account is commonly used for:

• Rental income
• Pension
• Dividends
• Other income earned in India

Together, these accounts continue to address most day-to-day NRI banking requirements.

Why GIFT City Accounts are gaining popularity

A GIFT City account offers features that differ from traditional NRI accounts because it operates through the International Banking Unit (IBU) at GIFT City under the applicable IFSCA framework.

Some of its current features include:

• Hold balances in USD and EUR. 
• Competitive interest rates with monthly interest credits. 
• Interest is currently exempt from tax in India, subject to applicable regulations
• Zero Average Monthly Balance requirement
• Zero account maintenance charges
• Zero international fund transfer charges
• Freely repatriable balances
• Digital banking through mobile banking
• Dedicated Relationship Manager for eligible customers

Comparing traditional NRI accounts and GIFT City Accounts

Feature	NRE Account	GIFT City Account
Currency	Indian Rupees	USD and EUR
Primary Use	Overseas earnings remitted to India	Foreign currency banking
Interest Credits	As per account terms	Monthly
Repatriation	Freely repatriable	Freely repatriable
Average Monthly Balance	Applicable as per account variant	Zero
International Fund Transfer Charges	As applicable	Zero

The right choice depends on how you earn, hold, and use your money.

IDFC FIRST Bank's FIRST Global Savings Account

Gift City Account represents one of the newest additions to the bank's NRI banking portfolio.

Some notable features include:

• Available to eligible NRIs, OCI cardholders, and PIOs
• Accounts available in USD and EUR
• Attractive interest rates with monthly interest credits
• Digital transfers through the IDFC FIRST Bank Mobile App
• Ability to transfer funds between eligible NRE Accounts and the FIRST Global Savings Account
• Access to GIFT City Fixed Deposits for customers seeking fixed returns on foreign currency balances

For customers looking for the best NRI account in India, the FIRST Global Savings Account complements traditional NRE and NRO banking rather than replacing it.

Which account should you choose?

Banking Requirement	Recommended Option
Overseas earnings in Indian Rupees	NRE Account
Income generated within India	NRO Account
Foreign currency savings	GIFT City Account
Foreign currency fixed returns	GIFT City Account with GIFT City Fixed Deposit

Many NRIs benefit from maintaining more than one account because each product serves a different financial objective.

Conclusion

The best NRI account in India depends on your individual banking needs rather than a single product. NRE and NRO Accounts continue to provide essential solutions for managing overseas and domestic income, while the GIFT City account has emerged as an innovative option for customers seeking foreign currency banking, digital convenience, and access to GIFT City's internationally aligned financial ecosystem. Evaluating your income sources, investment goals, and currency requirements can help you choose the right combination of banking products.

FAQs

What is a GIFT City Account?

A GIFT City account is a foreign currency savings account offered through the International Banking Unit of IDFC FIRST Bank at GIFT City.

Is a GIFT City Account different from an NRE Account?

Yes. An NRE Account is maintained in Indian Rupees, while a GIFT City Account currently allows eligible customers to hold balances in USD and EUR.

Can I have both an NRE Account and a GIFT City Account?

Yes. Eligible customers can maintain both accounts because they serve different banking purposes.

Who can open a FIRST Global Savings Account?

Eligible NRIs, OCI cardholders, and PIOs can open the account, subject to the bank's eligibility requirements.

Can I transfer funds between my NRE Account and GIFT City Account?

Yes. IDFC FIRST Bank currently allows eligible transfers between NRE Accounts and the FIRST Global Savings Account.

Tryfacta Files for GIFT City IPO, Set to Become First US-Headquartered Company to List in India

Tryfacta, Inc. (“Tryfacta”), an artificial intelligence (“AI”)-enabled provider of specialized workforce and technology solutions serving Federal government and State, Local and Education (“SLED”) government agencies across the United States, has filed its Draft Offer Document (DOD) with the International Financial Services Centres Authority (IFSCA) for its proposed initial public offering (IPO) on the exchanges at GIFT City, Gujarat.

Upon listing, Tryfacta is expected to become the first US-headquartered (foreign) company to list its equity shares in India through the GIFT City framework.

The proposed IPO comprises a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3.0 million equity shares by selling shareholder Ratika Tyagi. The issue will be denominated in US dollars, and the equity shares are proposed to be listed on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).

As per Regulation 25(1) of the IFSCA (Listing) Regulations, 2024, allotment to investors shall be on a proportionate or discretionary basis as decided by the company in consultation with the Book Running Lead Manager and disclosed in the offer document.

As set out in the offer document, the company intends to use the net proceeds of the fresh issue towards repayment and/or pre-payment, in full or in part, of working capital facilities; to fund inorganic growth through acquisitions and other strategic investments; and for general corporate purposes.

Founded in 1996 and headquartered in Dublin, California, Tryfacta, Inc. is led by Ratika and Adesh Tyagi and has evolved from a niche Healthcare, IT and commercial staffing and services firm into a comprehensive workforce-solutions provider with services ranging from recruitment to payroll management across healthcare, information technology, administrative and professional-services segments.

Its business is supported by a technology-led operating model that leverages AI-powered recruitment tools, automated candidate screening, digital onboarding and workforce-management platforms.

While Tryfacta’s primary focus is across Federal and SLED programs, it also offers temporary-to-permanent staffing and direct placements; payroll services covering compliance, benefits administration and wage processing for contractual employees; executive hiring and leadership recruitment; and managed services, enabling clients to access both contingent and on-roll talent pools. Its first SLED contract was awarded in 2017.

The company’s client contracts reflect both recurring demand and long-term relationships. As of December 31, 2025, nearly 47% of its contracts had a tenure of 5–10 years, 38% between 2–5 years, 8% of two years or less, and the balance of about 6% over 10 years. Recent awards include work for a Texas political subdivision and medical support and services for a Federal agency.

In Fiscal 2024 and Fiscal 2025, it served 70 and 105 clients, respectively, across Federal and SLED government projects, deploying a contractual workforce of 3,960 and 2,591 professionals in those years.

As of December 31, 2025, it maintained a large database of experienced candidates and had been awarded contracts for the supply of staffing solutions and professional services by over 220 Federal and SLED clients across 41 states in the US.

The company operates through a diversified delivery model supported by a team of recruiters, delivery managers and account managers. It has also established a Global Capability Centre (GCC) in Mohali, India, supporting recruitment operations, technology development, pre-sales and account-management functions. Through its subsidiary Tryfacta Global IFSC Private Limited — an IFSC unit registered as a BATF service provider under the IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024 — the company plans to expand its international service offerings from GIFT City.

In March 2026, Tryfacta was awarded two task orders with an aggregate value exceeding USD 62 million under a medical-services contract vehicle administered by a U.S. Department of War (DoW), formerly the U.S. Department of Defense (DoD), supporting U.S. Army installations in Texas.

Its net revenue improved from USD 37.0 million in Fiscal 2023 to USD 50.5 million in Fiscal 2025, a CAGR of 16.76%, with the majority derived from SLED contracts. Gross profit grew from USD 4.9 million to USD 6.6 million over the same period.

According to the 1Lattice industry report cited in its offer document, the US workforce-solutions market grew from USD 135.4 billion in 2019 to USD 177.2 billion in 2025 and is projected to reach USD 224.5 billion by 2030, an annual growth rate of about 4.8% during 2025–2030, driven by rising federal investments across defense, cybersecurity, healthcare and digital-modernization programs.

While growth in government staff compensation has moderated in recent years, overall SLED spending continues to expand, indicating a shift in spending composition rather than a reduction in total public-sector expenditure. As a result, governments often rely more on contract staffing, workforce augmentation and outsourced digital services to maintain service delivery without increasing permanent headcount.

YOKI Financial Services Private Limited is the Book Running Lead Manager to the issue.

ICICI Bank and Visa launch first USD-denominated debit card for NRI customers of GIFT City IBU

• Zero markup on USD transactions done on PoS and e-commerce with global acceptance
• Access to Visa Infinite privileges with advanced security controls

ICICI Bank, in partnership with Visa, announced the launch of India’s first USD-denominated debit card from its IFSC Banking Unit (IBU) at GIFT City, the emerging global financial and IT services hub in Gujarat. This milestone reinforces the Bank’s commitment to offer innovative global banking solutions for Non-Resident Indian (NRI) customers.

This first-of-its-kind debit card is linked to ICICI Bank’s USD Global Savings Account offered through the Bank’s IBU. Built on Visa’s premium Infinite platform, the card enables seamless global transactions and provides liquidity by allowing NRIs to access their USD savings in the bank account for usage worldwide at ATMs, PoS and e-commerce platforms. The launch marks a significant step in expanding secure, seamless, and premium offshore payment solutions for NRIs.

Speaking on the launch, Mr. Vipul Agarwal, Head – Cards and Payment Solutions at ICICI Bank said: “ICICI Bank has consistently focused on creating innovative banking solutions that caters to the evolving global financial needs of NRIs. As global mobility increases, NRIs often face currency conversion costs and fragmented international banking experiences. This USD‑denominated debit card represents an important step in providing customers with seamless access to their USD savings. Our collaboration with Visa enables us to combine global acceptance with premium security and service standards, while further strengthening GIFT City’s position as a leading international financial hub.”

Mr. Rishi Chhabra, Country Manager for India at Visa, added: “Visa is proud to partner with ICICI Bank to launch the first USD‑denominated debit card issued from GIFT City’s IFSC, built on our premium Visa Infinite platform. As cross‑border financial needs continue to grow, this solution enables Non‑Resident Indians to access and spend their US Dollar savings globally with greater convenience, transparency, and control. By leveraging ICICI Bank’s wide reach and Visa’s global network, we are supporting India’s vision of building world‑class financial infrastructure and expanding globally connected payment experiences from GIFT City.”

Key benefits of the debit card:

• Global usage:
• Zero markup on USD transactions at PoS and e-commerce worldwide. 
• Acceptable across domestic and international ATMs, PoS terminals and e-commerce platforms. 
• Multi-currency usability for seamless purchases across the globe. 
• Security and control:
• EMV chip-enabled technology compliant with regulatory standards. 
• Ability to enable/disable ATM, PoS, e-commerce and contactless usage through GIFT City Net Banking. 
• Option to set daily transaction limits for enhanced flexibility. 
• Exclusive privileges: Access to Visa Infinite privileges including exclusive offers from participating global brands and curated travel and lifestyle benefits

New and existing USD Global Savings Account holders with ICICI Bank are eligible for this debit card.

To know more about the card, please visit https://www.giftcity.icici.bank.in/faqs?ITM=nli_nriBanking_na_footer_2_CMS_customerServices_faqs_NLI

ICICI Bank’s IFSC International Banking Unit (IBU) at GIFT City offers various products for NRI customers including Global Savings Accounts in multiple currencies, fixed deposits, loan against deposits (LAD) and investments.

For more information on ICICI Bank’s offerings at GIFT City, please visit www.giftcity.icici.bank.in or contact your Relationship Manager.

Bank of Baroda Raises $500 Mn 5-Year Syndicated Loan; Attracts Strong Participation from Asian Investors

Bank of Baroda, India’s International Bank, through its IFSC Banking Unit in GIFT City, has successfully closed a USD 500 million five-year syndicated term loan facility. The transaction saw participation from 13 investors across key Asian markets including Taiwan, South Korea, Japan and Singapore, reflecting robust demand and strong investor appetite, despite a dynamic global interest rate environment.

The facility also advances the Bank’s strategy to broaden its global investor base, with increased participation from investors in Asia, thereby diversifying its funding sources and complementing the Bank’s traditional domestic investor base, who remain active participants in the Bank’s local currency issuances.

This transaction marks the Bank’s return to the global syndicated loan market after a gap of one year. The proceeds of the facility will be used for general banking and corporate purposes. MUFG Bank and HSBC acted as Mandated Lead Arrangers, Underwriters, and Bookrunners.

Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “This successful transaction reinforces the confidence that global institutions place in Bank of Baroda’s prudent financial management and long-term strategic direction. The strong participation from investors across Asia reflects growing international interest in the Bank and supports our continued focus on diversifying funding sources, strengthening global investor engagement and further cementing our standing as India’s international bank."

Bank of Baroda maintains strong international credit ratings. The Bank was recently assigned ‘BBB’ long-term and ‘A-2’ short-term issuer credit ratings with a Stable Outlook by S&P Global Ratings, in line with the sovereign rating of the Government of India. The Bank is also rated ‘BBB-’ with a Stable Outlook by Fitch Ratings, which recently upgraded its Viability Rating to ‘bb’ from ‘bb-’. Moody’s Investors Service has assigned the Bank a ‘Baa3’ rating with a Stable Outlook.

Bank of Baroda is one of India’s leading public sector banks, with a global presence spanning 80 overseas branches/offices in 15 countries, including major international financial centres such as New York, London, Dubai and Singapore. As of 31st December 2025, the Bank’s total international business stood at INR 4,879.08 billion, accounting for 16.08% of the Bank’s Global Business. International Deposits stood at INR 2,395.60 billion, while International Advances stood at INR 2,483.48 billion.

About Bank of Baroda

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over ~180 million through around 65,000 touch points spread across 15 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank.

New Indian AI Research Organisation (IAIRO) to Drive Innovation from Gujarat

Gujarat has approved the establishment of the Indian AI Research Organisation (IAIRO) at GIFT City, Gandhinagar. It will operate under a public-private partnership (PPP) involving the state government, central government, and the Indian Pharmaceutical Alliance, with an initial ₹300 crore budget for five years.

Key Highlights of IAIRO at GIFT City

• Approval Date: December 30, 2025
• Location: GIFT City, near Gandhinagar, Gujarat
• Structure: Special Purpose Vehicle (SPV), registered as a non-profit entity under Section 8 of the Companies Act, 2013
• Partnership Model: Tripartite collaboration between Gujarat State Government, Government of India, and Indian Pharmaceutical Alliance (IPA)
• Funding: ₹300 crore for the first five years; contributions split equally (33.33%) among partners; IPA to contribute ₹25 crore in FY 2025–26
• Operational Start: January 1, 2026

Objectives of IAIRO

• Strengthen AI R&D with cutting-edge research and applications
• Accelerate India’s AI ecosystem in line with national innovation goals
• Encourage industry-academia collaboration
• Drive sectoral impact in healthcare, pharmaceuticals, fintech, and governance

Why This Matters

Aspect	Significance
Location (GIFT City)	India’s premier financial and tech hub, offering global connectivity and regulatory flexibility
PPP Model	Ensures shared responsibility and funding between government and private sector
Budget Allocation	₹300 crore signals strong commitment to long-term AI research
Anchor Partner (IPA)	Pharma industry’s involvement highlights AI’s role in drug discovery and healthcare analytics
National Strategy	Reinforces India’s ambition to be a global AI leader

Challenges & Considerations

• Execution risks due to coordination among multiple partners
• Need for sustained investment in AI education and talent pipeline
• Global competition from established AI hubs
• Importance of ethical AI and data governance

In short: The Indian AI Research Organisation at GIFT City is a landmark step in India’s AI journey, blending government vision with private sector expertise. If executed well, it could position Gujarat—and India—as a global hub for AI innovation.

Infibeam’s Subsidiary to Power Escrow and Cross-Border Payments at India’s Global Finance Hub

Infibeam Avenues Ltd (NSE: INFIBEAM, BSE: 539807), a leading listed AI-fintech company, today announced that the International Financial Services Centres Authority (IFSCA) has granted in-principle approval to its wholly-owned subsidiary, IA Fintech IFSC Private Ltd (IA Fintech), to operate as a Payment Service Provider (PSP) in the Gujarat International Finance Tec-City – International Financial Services Centre (GIFT-IFSC).

GIFT-IFSC, based in Gandhinagar, Gujarat, is India’s premier special economic zone (SEZ) and a strategic international financial hub designed to host global financial operations that traditionally take place in centers such as London, Dubai, or Singapore. The IFSCA, a Government of India’s unified regulatory body, oversees and promotes all financial products, institutions, and services within the GIFT- IFSC or SEZ ecosystem.

With this in-principle approval, IA Fintech is set to deliver a broad suite of digital payment and cross-border financial services to businesses operating within GIFT-IFSC and international markets. These services will include escrow account operations, cross-border money transfer facilitation, and merchant acquisition — supporting enterprises with faster, more efficient, and regulated payment solutions.

“We are delighted with this approval and deeply grateful to the IFSCA for their trust in our fintech capabilities,” said Mr Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Ltd. “This opportunity marks an important expansion of our business, creating a new and high-potential revenue stream that can meaningfully contribute to our overall growth.”

Upon obtaining final authorization and meeting statutory requirements, IA Fintech will be permitted to:

• Provide escrow services for secured financial settlements.
• Enable cross-border remittances into and out of the GIFT-IFSC/SEZ area.
• Facilitate payment processing and settlement for merchants.

Currently, many firms within GIFT-IFSC rely on traditional correspondent banking arrangements for international payments, involving multi-step routing through overseas banks via Nostro accounts and SWIFT networks. This process can take up to 36–48 hours and often incurs higher costs. IA Fintech’s PSP framework aims to streamline these transactions through advanced digital settlement infrastructure, ensuring near-instant, cost-effective, and transparent cross-border transactions.

The GIFT-IFSC ecosystem continues to grow rapidly — hosting over 16 Alternative Investment Funds (AIFs), 75 broker-dealers, 16 bullion trading entities, 23 aircraft leasing companies, 9 ship leasing firms, 118 qualified jeweler firms notified by IFSCA, 94 fund management firms and others. Collectively, these enterprises represent a significant addressable market for IA Fintech’s regulated digital payment services.

According to estimates, GIFT-IFSC is positioned to capture over USD 500 billion in financial opportunities spanning external commercial borrowings, trade finance, HNI wealth management, ESG pools, and lease financing across aviation and maritime sectors. For instance, trade finance transaction volumes have more than doubled — rising from USD 20 billion in FY22 to USD 46 billion in FY25.

IA Fintech as a regulated payment service providers intent to play a pivotal role in transforming GIFT-IFSC into a global fintech and cross-border payments hub, enabling faster financial flows, digital commerce efficiency, and greater competitiveness for Indian and international enterprises operating within the GIFT-IFSC/SEZ area.

Standard Chartered, Bank of India Lead $215M Aircraft Financing for Air India Subsidiary at GIFT City

• Standard Chartered and Bank of India structure a 7-year facility for six Boeing 777s via Air India’s leasing arm AIFS, marking a milestone for GIFT City’s financial ecosystem.

Standard Chartered and Bank of India today announced the financing of USD 215 million term loan to AI Fleet Services IFCS Limited (AIFS), a leasing subsidiary of Air India, based in the Gujarat International Finance Tec-City (GIFT City). AIFS has entered into a 7-year amortising term loan facility for financing of six Boeing 777-300 ER aircraft, it will lease the aircraft to Air India.

Air India is undergoing a fleet renewal and expansion program to support its transformation into a world-class global airline. Air India currently serves 55 domestic and 45 international destinations.

Standard Chartered played a lead role as a Structuring Bank. Both Bank of India and Standard Chartered also jointly underwrote the transaction as Mandated Lead Arranger and Bookrunner (“MLAB”). This landmark transaction is the first commercial aircraft finance transaction to be structured with a GIFT City borrower, positioning GIFT City as an emerging aviation finance centre. The transaction reflects the shared commitment of Standard Chartered and Bank of India to support India’s aviation growth story and highlights GIFT City’s role as a growing global aviation finance hub.

GIFT City is India’s first operational greenfield smart city and international financial services centre, promoted by Government of Gujarat in partnership with Government of India as a flagship project to position India on the global financial map. With this transaction, it marks a milestone for India’s rapidly expanding role in global aviation financing, strengthening its position as an emerging hub for aircraft leasing and financing.

Sanjay Sharma, Chairman, AIFS & Chief Financial Officer, Air India said, “Air India has embarked on a five-year transformation journey, placing an order for 570 aircraft, and GIFT City will be important for financing of these aircraft. With this commercial aircraft finance transaction via Standard Chartered and Bank of India we are glad to see GIFT City maturing further and emerging as an aircraft leasing and financing option for airlines as Indian aviation takes strides.”

Abhishek Pandey, Global Head of Transportation Finance at Standard Chartered, said, “This milestone demonstrates our ability to structure innovative, jurisdiction-aligned solutions while mobilising new pools of capital. This financing highlights our long-standing expertise in aviation finance and our commitment to supporting India’s aviation sector as it continues its remarkable growth trajectory.”

PD Singh, CEO, India and South Asia at Standard Chartered, said, “The first ever commercial aviation financing at GIFT City is an historic milestone and further reinforces GIFT city as an aviation finance hub of global repute. Standard Chartered is privileged to have led the transaction, in partnership with Bank of India. We believe the term loan facility to AI fleet services (AIFS), a subsidiary of Air India will provide a fillip to growing the aviation finance segment in India. It also underscores the Bank’s client centric approach and the endeavour to be an equal partner in the clients’ growth journey.

Standard Chartered was the first foreign bank to establish a branch in GIFT City and this transaction reaffirms our commitment to advancing GIFT city as a premier international financial hub. It is a matter of pride for Standard Chartered to have recently partnered with CCIL and IFSCA in bringing its global experience and expertise in managing the dollar payments as well as providing settlement services at GIFT IFSC,” Singh added.

Ashutosh Sharma, CGM – International Financial Services Centres Authority, GIFT City (IFSCA) said, "GIFT IFSC is developing strongly as a globally competitive ecosystem for financial services, including aircraft leasing and financing. The successful closure of this aircraft financing deal, originated within GIFT IFSC and executed among Bank of India (IBU GIFT City branch), Standard Chartered Bank, and AI Fleet Services IFSC Limited for wide-body commercial aircraft, marks a significant milestone. This transaction not only paves the way for future commercial aircraft financing through the GIFT City framework but also underscores GIFT IFSC’s emerging role as a growing hub for aviation financing and a destination offering competitive foreign currency loan structures."

Bank of India said, “At Bank of India, we are proud to be part of this landmark aviation financing transaction through GIFT City, Gujarat. This initiative underscores GIFT City’s growing significance as a global hub for aircraft financing. Aviation finance is a key enabler for India’s economic growth, connecting people, businesses, and markets worldwide. By leveraging the opportunities at GIFT City, Bank of India reaffirms its commitment to strengthening India’s presence in international financial services and contributing to the nation’s vision of becoming a leader in global aviation finance.”

Infosys Opens New Tech Hub in GIFT City, Creating Over 1,000 Jobs

Infosys has officially opened a new development center at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. This facility is designed to accommodate over 1,000 employees in a hybrid working model and will serve as a TechFin hub, delivering advanced digital solutions for global Banking, Financial Services, and Insurance (BFSI) clients.

The center will focus on key areas such as digital banking, regulatory affairs, trade finance, capital markets, cards & payments, and risk & compliance management. It will leverage cutting-edge technologies like AI, generative AI, cloud computing, APIs, cybersecurity, and blockchain to provide seamless cross-border services and strengthen India's position in global financial technology.

 

Infosys' new development center in GIFT City is expected to create over 1,000 jobs in a hybrid working model. Beyond direct employment, the expansion strengthens India's position as a global financial technology hub, potentially attracting more fintech firms and investment, leading to thousands of additional jobs in the broader ecosystem.

The center will focus on Al, cloud computing, blockchain, and cybersecurity, fostering demand for specialized tech talent. With GIFT City emerging as a fintech powerhouse, experts estimate 30,000 to 40,000 jobs could be generated across financial services and technology.

Gujarat Chief Minister Bhupendrabhai Patel inaugurated the center, highlighting its role in fostering talent, collaboration, and innovation in financial services. Infosys CFO Jayesh Sanghrajka emphasized that this move aligns with the company’s vision of leading innovation in financial services from within India’s foremost international financial hub.

This development is a significant step in Infosys’ global delivery strategy, reinforcing its capabilities in tech-enabled financial services.

IBM and Gujarat Govt to Establish AI Cluster in Gift City to Drive AI Innovation and Collaboration

IBM and the Department of Science and Technology, Government of Gujarat have recently entered a Memorandum of Understanding (MoU) to establish and promote an AI Cluster leveraging IBM’s watsonx to foster innovation and collaboration among financial institutions in Gujarat International Finance Tec (GIFT) City. As part of this collaboration, financial institutions will gain access to AI Sandbox, assistance in providing proof of concept, AI Literacy programs, and Digital Assistant Solutions.

Speaking on the occasion, Shri Bhupendrabhai Patel, Hon’ble Chief Minister, Government of Gujarat said, “This MoU with IBM will help Gujarat to lead the country in efforts to adopt AI and drive digital transformation.”

“Using AI for business is a strategic priority for enterprises today to gain competitive advantage through better productivity, innovation and customer experience,” said Sandip Patel, Managing Director, IBM India & South Asia. “This collaboration is a significant step in our continued association with the Government of Gujarat to accelerate the digital transformation of the state. By establishing this AI cluster, our aim is to make the latest AI solutions easily accessible to the vibrant and growing number of financial institutions in GIFT City,” he added.

As part of this MoU, IBM will provide software technologies and platforms over a cloud environment enabling financial institutions to customise and fine-tune large language AI models in a sandbox environment. IBM will also aim to build a Digital assistant-based solution that facilitates the onboarding and integration of these customised large language models for financial institutions.

Aligned with IBM’s commitment to skill 30 million people by 2030 and train 2 million learners in AI by the end of 2026, IBM will develop an AI curriculum for schools and universities across Gujarat. The collaboration also includes literacy programs and certifications for professionals in the state to enhance the skill sets of professionals, preparing the state’s talent for the AI-driven future economy.

REC Ltd To Establish Subsidiary in Gujarat's GIFT City, To Explore Global Market Avenues

REC Ltd, a state-owned enterprise under the Ministry of Power, has received approval from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat's GIFT City. This subsidiary is expected to engage in a variety of financial activities, including lending, investment, and other services, within the International Financial Services Centre (IFSC) at GIFT City.

The move is seen as a strategic step for REC to diversify its portfolio and explore new avenues for growth, particularly in the global market. The GIFT City platform is known for its conducive environment for international financial activities and world-class infrastructure, which REC aims to leverage for expanding its business operations.

This development is anticipated to not only present new business opportunities for REC but also contribute significantly to the growth of India's energy sector².

The establishment of a subsidiary in GIFT City is expected to bring several benefits to REC Ltd:

1. Access to International Capital Markets: The subsidiary will enable REC to tap into international capital markets more efficiently, providing access to diverse sources of funding, including foreign investments.

2. Diversification of Financial Activities: It will engage in a range of financial activities such as lending, investment, and other financial services within the International Financial Services Centre (IFSC) at GIFT City.

3. Global Market Expansion: The conducive environment and world-class infrastructure of GIFT City will allow REC to establish a presence in the global market and carve a niche for itself.

4. Contribution to India's Energy Sector: The new business opportunities presented by the subsidiary are anticipated to contribute significantly to the growth of India's energy sector.

5. Strategic Growth: This move aligns with REC's strategy of diversifying its portfolio and exploring new avenues for growth, furthering its mission to foster growth in India's power and infrastructure sector.

Overall, the subsidiary in GIFT City is expected to be a strategic asset for REC, aiding in its mission while also contributing to the broader energy sector's development.

Adani Intends to Invest ₹1,689 Crore for Ship Leasing Firm in Gujarat's Gift City

Adani Ports and Special Economic Zone Ltd (APSEZ) has reportedly proposed a significant investment of ₹1,689 crore for the establishment of Poseidon Leasing IFSC Ltd, a step-down subsidiary company, to operate within the GIFT SEZ in Gujarat. This strategic move marks their venture into ship leasing activities, encompassing both operating and financial leases of ships, ocean-going vessels, and related components.

Poseidon Leasing IFSC Ltd has been set up under the umbrella of another APSEZ subsidiary, Shanti Sagar International Dredging Ltd (SSIDL), which will hold full ownership of Poseidon. The newly formed entity will boast an authorized and paid-up capital of ₹2.5 crore, divided into ₹25,00,000 equity shares of ₹10 each. While the company is yet to formally respond to queries, sources familiar with the matter revealed that three director names have been proposed for the venture

This move by the Adani Group signifies their active expansion within the maritime sector, particularly in ports and terminals across India. Establishing a ship leasing entity within Gift City holds strategic significance as it enables Indian firms to conduct transactions in foreign currency, thus attracting companies that previously operated overseas due to regulatory and tax considerations. The decision to set up ship leasing operations at Gift City aligns with the broader trend of Indian entities seeking regulatory clarity and tax incentives domestically, rather than opting for offshore locations like Dubai or Singapore.

Gift City offers various tax breaks, including income tax waivers for up to 10 consecutive years within the first 15 years of operation, along with exemptions on input GST for services procured from Indian or non-resident vendors. Kolkata-based Ripley has already established Ripley Shipping India IFSC Pvt Ltd at Gift City in December 2022, pioneering ship leasing activities in the region.

Meanwhile, Reliance Industries has also ventured into the ship leasing domain at IFSC-Gift City with a substantial investment totaling ₹22,033 crore.

UAE based Transworld Group has also signed a ₹2,000 crore MoU for setting up a ship leasing and aircraft leasing activities in Gift IFSC, while StoneX Group will open a bullion trading desk in GIFT city

With an estimated $75 billion spent annually on seaborne freight to foreign shipping companies and a global charter hire market valued at $100 billion, the emergence of Gift City as a hub for ship leasing activities promises significant opportunities for Indian companies to capitalize on the growing maritime sector while benefiting from favorable regulatory and tax frameworks.

WestBridge Capital Invests in Leading Reg-Tech Company TSS Trackwizz at ₹ 900 Cr Valuation

• TSS Consultancy’s tech platform TrackWizz, helps financial institutions fight financial crime, detect malpractices such as money laundering and terrorist financing
• TrackWizz is a software suite by TSS aimed at BFSI, NBFC, brokerage firms , Insurance companies, Banks and payment solutions providers
• The company has grown its revenues by 43% to touch Rs 60 crore and is currently serving 350+ financial institutions
• The Company has been profitable since its inception
• TSS has also become the first reg tech company in India to receive direct authorisation to launch business in the GIFT City. 
• Funds raised to be primarily used for research & development particularly artificial intelligence and significantly scale SAAS offerings (TrackWizz Screenzaa) including launching new products in niche areas of financial crime

India’s leading Reg-tech company TSS Consultancy has received an investment from WestBridge Capital at a valuation of Rs 900 crore. This is a maiden round raised by the Company. Funds raised will be used for research & development particularly artificial intelligence and to significantly scale its SaaS offerings including the launch of new products in niche areas of financial crime.

Sagar Tanna, Founder CEO, TSS

TSS Consultancy was founded in 2008 by Sagar, Sameer and Chandrakant Tanna. Headquartered in Mumbai, the company is a financial technology and compliance partners for over 350 institutions which include Banks, Stock Brokers, Stock Exchanges, Hedge Funds and other financial institutions across 3 countries India, South Africa and the US with 400+ team strength. TSS Consultancy tech platform TrackWizz, one of its kind software product suite, is designed to empower the finance industry in fighting financial crime, money laundering, terrorist financing etc.

Sagar Tanna, Founder & CEO, TSS Consultancy, says, “As India walks towards becoming a five trillion economy, the government has been proactive about uprooting unlawful financial activities from our systems. We believe protecting our financial systems and complying with the law of the land is crucial. Our mission is to help every financial institution and empower financial soldiers to fight financial crime with cutting edge technology and data intelligence with reasonable investments in the area of money laundering, KYC, Terrorist financing and Insider Trading.”

India is one of the members of the FATF and as part of this, it has FIU (Financial Intelligence Unit), which is directly under the Finance Ministry. All the businesses in the country are required to share suspicious information with this unit under the law, if they suspect that a customer is doing suspicious transactions. TrackWizz is the only made in India software and has an excellent curated watchlist combined with transaction monitoring and regulatory reporting, a full blown anti money laundering (AML) solution.

Trackwizz platform under its AML solution provides a relief to both small and large institutions by helping them prevent or report money laundering activities by using a risk based approach.

Deepak Ramineedi, Partner at WestBridge Capital, says, “We are excited to partner with Trackwizz as they expand their market leadership by enhancing their suite of robust and innovative products in a fast-growing compliance market, a top-of-mind space for both financial institutions and governments globally.”

TSS, which has been profitable since its inception, has grown its revenues by 43% in the last 12 months. The Company’s topline is Rs 60 crore. Trackwizz is now used by brokerage firms that generate about 70% of the daily trading volume on both the major exchanges. Apart from the brokers, Trackwizz is also used by top banks in India, NBFC’s and Fintech companies. Currently with its clients like HDFC securities, Axis Bank, Zerodha, among others, Trackwizz aims to provide cutting edge technology solutions and is dedicated to serving the finance industry focussed on fighting financial crime, making operations efficient and helping business grow while keeping the economy crime free.

TSS has also become the first reg tech company to obtain a licence to do business in the International Financial Centre (GIFT City).

According to a report by IBEF, the RegTech Market size was estimated to be USD 7.6 Billion in 2021 and is projected to be worth USD 19.5 billion by 2026 with a CAGR of 20.8%. As governments and regulators become more stringent with financial networks being used for nefarious activities, TrackWizz is rightly positioned to help the financial sector root out crimes which can have serious ramifications for any country’s economy.

About TSS:

TSS Consultancy’s tech platform called TrackWizz, helps financial institutions fight financial crime specifically towards money laundering and surveillance. Serving 350+ institutions with its 400+ team of technologists and certified financial crime professionals with a dedicated focus on India, it is a rare jewel made in and for India.

About WestBridge Capital:

WestBridge Capital is an experienced investment firm, managing over $7.5Bn of capital across investment funds in India and Mauritius that primarily focuses on investments in India. WestBridge Capital leverages both its capital and experience to help companies succeed. WestBridge seeks to partner with some of India’s most promising mid-sized companies for the long-term, whether they are public or private. Over the course of their careers, the team at WestBridge has led investments in over 150 companies. Armed with this wealth of experience, the team at WestBridge is able to assist its portfolio companies – when required -- in many areas including strategy, operations, management recruiting and fundraising.

Infibeam Avenues Ltd Plans to Tap AI-enabled Fraud Detection Market, To Build India’s 1st AI HUB at GIFT City

• It’s a bold and strategic move with a comprehensive plan to foster AI innovation.
• To tap the burgeoning AI-enabled fraud detection market.
• Initially, the company’s priority areas will be in the digital payments and financial space
• The fraud detection & prevention market size is expected to reach $ 129 billion by 2029.

Infibeam Avenues Ltd, India’s first listed fintech company, announces its plans to foray into Artificial Intelligence (AI) to tap the burgeoning AI-enabled fraud detection market. The company to establish India’s first Artificial Intelligence (AI) HUB headquartered at Gujarat International Finance Tec-City (GIFT City) with an initial focus on fintech & financial sector building AI solutions for Fraud detection, Authentication and Risk identification (FAR) to nurture AI ecosystem & develop solutions for the domestic and global market.

The company plans to make a strategic investment in the next three years to build and nurture the AI HUB. This strategic move includes building an in-house talent pool by hiring AI engineers, data scientists, and other staff, initiating global collaboration and facilitating AI start-ups with access to funding, mentorship, infrastructure and business opportunity for growth.

Mr Vishal Mehta, who is an engineer from Cornell University USA and an alumnus of Massachusetts Institute of Technology, will oversee the daily operation of AI HUB, while continuing as Chairman & Managing Director of Infibeam Avenues Ltd. He is an ex-Amazon executive and has worked closely with Jeff Bezos, founder of Amazon Inc. and his leadership team during the early formative years.

The AI HUB is planned to be a "One-Stop Shop" to bring AI and Machine Learning (ML) into the day-to-day activities as well as analyse data and provide actionable winning fraud detection solutions for businesses, organizations and governments to tackle rising threats to financial systems, businesses and national interest.

Infibeam sits on huge payment processing data, which provides a technology edge to build a deep learning algorithm and models for detecting frauds in the financial space. The company processed transactions worth Rs 4.5 lakh crore (US$ 54 billion) in FY23 and has over 8 million plus clients across digital payments and enterprise software platforms.

"Under FAR (Fraud detection, Authentication and Risk identification) initiative, setting up AI HUB is a bold and strategic move with a comprehensive plan to foster AI innovation, attract talent, and create a supportive ecosystem that will develop and offer frauds management solutions,” said Mr Vishal Mehta, Managing Director, Infibeam Avenues Ltd, adding that only through AI the rising cases of fraud in the payments and e-commerce can be addressed effectively. According to a market report, the fraud detection and prevention market size was $ 25.66 billion in 2021 and is expected to reach $ 129 billion by 2029.

AI plays a significant role in fraud management for organisations by helping them identify, prevent, detect, and respond to fraudulent activities. By utilising AI and machine learning algorithms, combining big data sources with real-time monitoring and utilizing adaptive and predictive analytics techniques, it can detect patterns and anomalies that indicate fraudulent activities, such as payment fraud, identity theft, or phishing attacks. These AI-based solutions can continually adapt and learn from new fraud patterns and trends, continuously improving their detection capabilities. Furthermore, AI-based systems can integrate with other security systems, like identity verification and biometric authentication, to provide a more comprehensive approach to fraud prevention.

"We are at a watershed moment. We believe that AI adoption and awareness in India will reach a high point in the next 3-5 years and the government has already set in motion the vision to make India emerge as a new AI technology innovation hub while simplifying tech adoption across government processes. Our investment will nurture quality human resources in this field and enable developing cutting-edge data-driven intelligence applications for complex, high-value commercial and government use cases,” said Mr Vishal Mehta, Managing Director of Infibeam Avenues Ltd.

Initially, the company’s priority areas will be in the digital payments and financial space, where AI & ML algorithms detect fraudulent activities in online transactions, such as credit cards, online banking or e-commerce, on a real-time basis. In the long term, the in-house team at AI HUB will be developing customised fraud detection and prevention solutions for banking, financial services, insurance, FMCG, manufacturing, fintech, utility sector, government and government agencies.

About Infibeam Avenues Limited:

Infibeam Avenues Ltd. is one of the leading global financial technology (fintech) company offering comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company's payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. The core Payment Gateway (PG) business provides over 200 plus payment options to the merchants allowing them to accept payments through website and mobile devices in 27 international currencies. Infibeam Avenues' enterprise software platform hosts India's largest online marketplace for government procurement. The company processed transaction worth INR 4.5 lac crore (US$ 54 billion) in FY23. Company currently has over 8 million plus clients across digital payments and enterprise software platforms. The company's vast clientele includes merchants, enterprises, corporations, governments and financial institutions in both domestic (India) as well as international markets. Infibeam Avenues' international operations are based in the United Arab Emirates, Kingdom of Saudi Arabia, Australia and the United States of America. We also have business presence in Oman working with three of the largest banks in the country.

We Founder Circle Launches Two Angel Funds – In India and in GIFT City

Angel Fund in India as ‘Invstt Trust’ with INR 400 Crore

Angel Fund in GIFT City as ‘We Founder Circle Global Angels Fund' with USD 60 Mn

We Founder Circle (WFC), an early-stage startup investment platform, which includes a global community of successful founders and strategic angels has launched Invstt Trust (“Fund”), an AIF registered with SEBI as an Angel Fund, to empower early-stage startup investments in India. The target size of the Fund shall be an amount of up to ₹200 crores with a green shoe option of up to ₹200 crores, thereby totaling to ₹400 crores.

WFC has also launched the We Founder Circle Global Angels Fund in GIFT City. We Founder Circle Global Angels Fund is a cross-border fund targeting investors from across the globe. The fund size is $30M with a green shoe option of $30M and a term of 7 years with an option to extend by an additional 2 years. We Founder Circle Global Angels Fund is also a sector-agnostic fund that will enable world investors to participate in opportunities all over the globe.

While the Fund is sector-agnostic, it will predominantly look to invest in Portfolio Entities across various sectors such as Financial Services, Deep Tech, Financial Technology, EV, Content Gaming, Industrial Tech, Retail Tech, Ed Tech, Supply Chain, AgriTech, Consumer/D2C, Manufacturing, and others (Logistics, Healthcare, Technology, Agri-Allied sectors, etc.)

“2021 saw 42 startups turning into unicorns and furnishing handsome results for their early-stage investors. This has lured many HNIs to turn to angel investments; however, the trend is still pretty nascent and requires streamlining alongside the right guidance for founders and investors. Therefore, we have envisaged this fund to catalyze the process from both sides - angel investors and early-stage startups. Two to three years back, it was about mentoring and incubating startups. Now the requirement has arisen wherein it is also about strengthening the flow of capital, streamlining it for HNIs to encourage the plus results, and bridging the gap between angel investors and startups. Besides capital access, fund also provides networking and mentorship support to startups with tech expertise and global business connections.” said Mr. Gaurav VK Singhvi, Managing Partner of Investment Manager (We Founder Circle Angel Accelerator LLP) of both the Fund.

Though it might be fluctuating for late-stage inflows, for early-stage startups the average deal size has not been impacted much, which highlights the rising interest of potential angel investors in startup investments as asset-class financial instruments. In line with the same, Funds will be investing in startups raising Pre-Seed, Seed and Series A rounds.

“This Funds are a natural extension of our endeavor to include more startups & investors into the mainstream of the ecosystem. We have been building both sides of the community & this fund will enable the growing number of angel investors to invest in a regulatory & compliance-based framework. We expect to bring in more than 1000 angel investors to invest in 200 startups in the next 24 months,” said Neeraj Tyagi, Co-Founder & CEO, We Founder Circle.

In the past 23 months, We Founder Circle has invested in 70+ startups at their early stage and mentored them through various initiatives. Funds will help founders set for the next round of growth. The launch of Funds is in line with WFC's ambition to empower 500 startups in 5 years.

About We Founder Circle

Established in October 2020 in Mumbai, We Founder Circle is a global community of successful founders & strategic angels that have come together to push the startup industry and steer it toward aggressive growth. WFC invests USD 50K- USD 2 million in early-stage startups fueled by ambition, sustainability, and a strategic approach. WFC provides seed funding, business development, and global networking opportunities to startups as it believes early-stage startups need more than just financial support to become scalable and stable. It has already enabled USD 12 million to USD 15 million worth of investments across 33 startup deals in 2021 alone. That has risen to 72 startups since incorporation.

GIFT City and Zone Startups India Join Hands to Accelerate Fintech Innovation

Gujarat International Finance Tec-City (GIFT City) - India’s first Smart City & International Financial Services Centre (IFSC) and BIL Ryerson Technology Startups Incubator Foundation (BRTSIF), a joint venture between BSE Institute Mumbai and Ryerson University and Simon Fraser University, Canada, have signed an MoU to accelerate Fintech innovation. Under the aegis of this collaboration, Zone Startups India, a part of BRTSIF will explore avenues for setting up and promoting a “Fintech Hub” in GIFT SEZ. It will further lay down the foundation to promote startups and support the government of India’s vision for entrepreneurship development and innovation culture at GIFT IFSC.

GIFT IFSC provides new business opportunities in the areas of trading in international products, offshore fund management, international bullion trading etc. GIFT IFSC is being promoted as the Fintech Hub of India at a global level. This would require new skill-sets and training to attract the right talent. Further, GIFT City is emerging as a hub for Fintech activities. BIL - Ryerson Technology Startup Incubator Foundation (BRTSIF) would play an important role for promoting talent and developing ecosystem to attract start-ups in GIFT IFSC.

Speaking about this new collaboration, Mr. Tapan Ray, MD & CEO of GIFT City, said, “Fintech and IFSC are emerging fields in India with immense potential. Their synergy is essential to develop a matured financial ecosystem in the country, given their dynamic traits. One of the objectives of GIFT City has been to provide a productive platform for fintech and related sectors to be globally competitive. It is an opportune time to engage with Zone Startups to develop a robust fintech base and nurture talent in this area."

Zone Startups will develop a program to attract domestic as well as international fintech and fintech-enabled startups in areas such as digital banking, digital app-based lending, crowdfunding, various secured electronic payment services, IFSC related clearing mechanisms, insure-tech, prepaid payment instruments, and digital payments.

Mr. Hemant Gupta, Managing Director of Zone Startups, said --

The world of banking and financial services is entering a phase of deeply transformative digitization. A new generation of digital consumers expects a modern and seamless customer experience and is demanding new ways of transacting business. Emerging trends in neo-banking, app-led payments, and digital currencies are all creating new opportunities and presenting new problems that need solutions. This is a space where India, courtesy its innovative startups, can build and sustain a global leadership position. I see the MoU with GIFT City as a crucial enabling step in making that happen.

Mr. Gupta further added, “I am particularly excited about the many opportunities this will open up for India’s leading corporates from the BFSI sector to create powerful new partnerships with these innovative startups."

Zone Startups India, one of India’s leading incubators and accelerators, will tap its experience of over seven years of mentoring and nurturing startups and creating mutually transformative partnerships between corporates and startups, to create a rich environment for globally competitive fintech and financial services startups to become successful and sustainable businesses.

About GIFT City

GIFT City is a mega project by the Government of Gujarat to realize the vision of making Gujarat the centre of the Financial Services industry. GIFT City is designed to be a global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with excellent external connectivity. Companies from Financial Services, Technology and all other services sector are occupants within the city. GIFT City is changing the economic face of Gujarat and would keep India on the global map as a Centre of Excellence in the Financial & IT/ITeS Services domain.

About BRTSIF

Zone Startups India (a part of BRTSIF) is one of India's Leading Incubator and Accelerator. A few of the notable alumni are Citrus Pay (now PayU), Flexiloans, BabyChakra, VPhrase, Donatekart, and Nira. Apart from its flagship Zone Startups Incubator Program, it runs programs like empoWer (India's first Tech Accelerator for Women Founders and currently the largest in the country) and Next BIG Idea (Indo-Canadian Bilateral Innovation & Entrepreneurship Program)and others. 

Zone Startups India has also executed various bespoke startup engagement programs with corporate partners to foster a culture of innovation, provide the corporate access to innovative ideas, engage key employees for mentoring startups, and enhance their brand presence. This program has worked with corporates like Abbott, Viacom18, Citibank, HDFC, Barclays, Sodexo and Lodha. BRTSIF also manages a Rs. 10 crore startup seed fund provided by the Government of India under NIDHI SSS and facilitates access to capital through BSE Startups exchange (India’s only platform for Startup IPO).