HSBC Holdings Plc and ICICI Bank Ltd. in GIFT City have emerged as the biggest lenders to India’s vast diaspora under a special foreign-exchange swap program, signaling the financial hub’s growing role in channeling global capital into the country.
The two lenders in Gujarat International Finance Tec-City, known as GIFT City, disbursed a combined $19.3 billion through the central bank’s concessional swap facility for foreign-currency non-resident deposits which ran from June till the end of August, according to data compiled by the hub’s regulatory body, the International Financial Services Centres Authority.
