GIFT City Newsletter | June 2026

Welcome to the June 2026 edition of the GIFT IFSC Newsletter, highlighting key legal, regulatory, and market developments across India’s International Financial Services Centre ecosystem. This edition captures significant initiatives aimed at strengthening GIFT IFSC’s position as a global financial and business hub, including reforms across banking, capital markets, fund management, insurance, leasing, fintech, and cross-border financial services.

The GIFT International Financial Services Centre ("GIFT IFSC"), established in Gandhinagar, Gujarat, is India's first international financial services centre with the intent of catering to global MNCs and financial institutions in alignment with international standards of business. To ensure that the utmost benefits can be provided, the entire zone has been equipped with world-class infrastructure akin to global standards. This newsletter navigates the journey of GIFT IFSC and the International Financial Services Centres Authority ("IFSCA") set up under the International Financial Services Centres IFSCA Act, 2019.

IFSCA, as a unified regulator, is also headquartered at GIFT IFSC and is committed to providing a sound and well-structured regulatory environment by providing a single window clearance system. The IFSCA has been able to achieve this through the unification of the powers previously held by four separate regulators: the Reserve Bank of India ("RBI"), the Securities and Exchange Board of India ("SEBI"), the Insurance Regulatory and Development Authority of India ("IRDAI"), and Pension Fund Regulatory and Development Authority of India ("PFRDAI").

We are providing transactional updates, including a bird's eye view of legal and regulatory updates related to the GIFT IFSC.

Consultation Paper on Integration of Regulated Entities with KYC Registration Agencies in IFSC

June 26, 2026: IFSCA has invited public comments on the draft Circular on Integration of Regulated Entities with KYC Registration Agencies ("KRAs") in IFSC. The proposal aims to implement the IFSCA (KYC Registration Agency) Regulations, 2025 which will require Regulated Entities (“REs”) to integrate with KRAs for the uploading, storage, retrieval, and updating of clients' KYC records. The key proposals are as follows:

• Mandatory Integration with KRAs: All the REs would be mandated to integrate with at least one KRA registered with IFSCA within two months of the date of the Circular, except for entities/activities exempted under the IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
• Centralised KYC Records: All the REs would be mandated to upload the KYC details of all new clients onboarded on/after September 1, 2026, and upload such records of all existing active clients by October 30, 2026. Each of the clients would be assigned a unique identification number by KRAs to retrieve, verify and update the KYC records of the RE.
• Compliance and Oversight: REs and KRAs would be responsible for ensuring compliance with the KRA Regulations and the proposed Circular, while Market Infrastructure Institutions (“MIIs”) would be required to inform their members of the requirements and monitor compliance.

DLL Analysis: The proposal replaces institution specific maintenance of KYC records with a centralised KYC registration framework for Regulated Entities operating in the IFSC. A significant feature of the framework is the creation of a common KYC utility that allows records to be uploaded once and retrieved, verified or updated across regulated entities. This is expected to reduce duplication of KYC processes, improve consistency in customer due diligence and facilitate faster onboarding and periodic compliance.

Source: GIFT IFSCA website [Consultation Paper dated 26 June 2026]

Banks Begin Mobilising FCNR(B) Deposits through GIFT City IFSC Banking Units Following RBI Swap Facility

June 23, 2026: On June 8, 2026, the Reserve Bank of India introduced a concessional USD-INR swap facility to Authorised Dealer Category-I banks for mobilising fresh Foreign Currency Non-Resident (Bank) ("FCNR(B)") deposits. After the launch, banks started offering FCNR(B) deposits through their IFSC Banking Units ("IBUs") located at GIFT City, including State Bank of India becoming one of the early adopters of the facility.

DLL Analysis: Although the RBI's concessional swap facility is available to all Authorised Dealer Category-I banks, its early adoption through IBUs indicates the growing role of GIFT City in offshore banking operations. The reduction in hedging costs on eligible FCNR(B) deposits is expected to improve the commercial viability of raising foreign currency deposits through IBUs.

Source: RBI Circular FMOD.MAOG.No. S-56/01.06.016/2026-27 dated June 8, 2026; RBI FAQs dated June 23, 2026; Financial Express [June 23, 2026].

Consultation Paper on Registration and Operations of Mutual Insurer and Protection & Indemnity Club

June 22, 2026: IFSCA invited public comments on the draft IFSCA (Registration and Operations of Mutual Insurer and Protection & Indemnity Club) Regulations, 2026, which lay down a regulatory framework for the registration and operation of Mutual Insurers and Protection & Indemnity ("P&I") Clubs in IFSC. The key highlights are as follows:

• New Entity Categories: The framework proposes three categories of entities: Mutual IFSC Insurance Offices (MIIOs), Mutual P&I Clubs (MPICs), and Non-Mutual P&I entities (NMPIs).
• Eligibility and Entry Conditions: Foreign mutual insurers, reinsurers, insurance co-operative societies, and specified foreign body corporates may set up operations in IFSC, subject to respective approvals, fit and proper requirements, and eligibility as per jurisdictional norms.
• Capital, Solvency and Governance Requirements: The framework prescribes assigned capital requirements, solvency standards, member-owned governance structures, and mandatory committees at the Board level for P&I Clubs.
• Framework for P&I Clubs: The proposed regulations allow for insurance of marine liabilities, including pollution, collision, cargo, crew, salvage, and related risks, as well as the reinsurance, reserving, stress testing and sanctions requirements for P&I Clubs.
• Permissible Activities: MIIOs can carry out life, general, health, and reinsurance business, whereas MPICs and NMPIs would be permitted to carry out P&I-related activities.

DLL Analysis: The proposal introduces a dedicated regulatory framework for mutual insurers and P&I Clubs, which had not been separately recognised within the IFSC insurance framework. A significant feature is the creation of regulatory categories with specific governance, solvency and operational requirements suited to member-owned insurance structures. Overall, the framework is expected to broaden the range of insurance entities that may establish operations in GIFT City and strengthen its position as a specialised insurance and reinsurance hub.

Source: IFSCA website [Consultation Paper dated June 22, 2026].

IFSCA Amends SNRR Account Framework for IFSC Units

June 19, 2026: IFSCA amended its January 29, 2025, circular regarding permissible transactions through Special Non-Resident Rupee ("SNRR") accounts maintained by IFSC units. The amendment clarifies that financial institutions may receive and transfer business-related funds through their SNRR accounts in respect of transactions conducted outside the IFSC. Such amounts are to be remitted to the financial institution's IFSC Banking Unit ("IBU") account in the specified foreign currency within 30 working days of receipt. The remittance requirement does not apply to amounts credited towards administrative expenses.

DLL Analysis: The amendment accommodates the practical requirements of IFSC entities undertaking business outside the IFSC without diminishing IFSCA's objective of maintaining IFSC as the principal banking and settlement hub for such activities. By requiring eventual remittance of business receipts to the IBU, the framework seeks to accommodate operational flexibility while maintaining oversight upon business-related fund flows. The exemption of administrative expenses offers some flexibility but does not significantly change the regime.

Source: IFSCA website [Circular F. No. IFSCA-FMPP0BR/4/2024-Banking dated June 19, 2026].

IFSCA Aligns AML/CFT/KYC Exemption Framework with SNRR Account Regime

June 19, 2026: IFSCA amended its circular on exemptions from the applicability of the IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022. In accordance with the amendment, all financial institutions (including exempted entities) are now allowed to transact or receive monetary consideration for any business-related transaction through an account with an IFSC Banking Unit or a SNRR account.

DLL Analysis: The amendment aims to align the AML/CFT exemption framework with the revised SNRR account regime by expressly recognising SNRR accounts as an authorised transaction channel. The clarification removes any potential inconsistency with the regulations under the two frameworks while ensuring continuity of oversight of business-related financial flows through recognised banking channels.

Source: IFSCA website [Circular F. No. IFSCA-BDev0FSSC/2/2023 dated June 19, 2026].

HDFC Bank Raises USD 750 Million through GIFT City IFSC Banking Unit

June 18, 2026: HDFC Bank raised USD 750 million through a five-year senior unsecured US dollar-denominated bond issue through its IFSC Banking Unit ("IBU") at GIFT City. The issuance follows the Reserve Bank of India's introduction of its concessional foreign currency swap facility for eligible overseas borrowings and is the first reported transaction by an Indian bank under the new framework. The bonds carry a fixed coupon of 5.067% per annum and were priced at a spread of 90 basis points over the five-year US Treasury benchmark. The proceeds are proposed to be utilised towards the bank's overseas funding requirements and international lending operations.

DLL Analysis: The transaction is one of the earliest to make use of the RBI's recent swap facility in conjunction with an IFSC Banking Unit. It illustrates how GIFT City's banking framework can be used to access overseas debt markets while reducing the cost of hedging foreign currency borrowings. If similar issuances follow, the facility could strengthen the role of IFSC Banking Units as offshore funding platforms for Indian banks.

Source: GIFT City website [BFSI, June 18, 2026]

Major Indian Brokers Receive IFSCA Approval for International Investing

June 16, 2026: Zerodha, Groww, Angel One and Upstox have received approval enabling international investing through GIFT IFSC. While, Zerodha and Upstox are expected to operate as Broker Dealers, Groww and Angel One will operate under the Global Access Provider ("GAP") framework. The platforms are expected to offer access to US-listed securities after completion of technology integration and operational testing.

DLL Analysis: The approvals highlight the increasing participation by established domestic brokerage firms in the GIFT IFSC ecosystem. The proposed platforms would provide investors with another regulated channel for accessing overseas securities while supporting wider adoption of the Broker Dealer and Global Access Provider frameworks.

Source: GIFT City website [The Economic Times, June 16, 2026]

IFSCA Relaxes Eligibility Criteria for Qualified Jewellers Importing Bullion through IIBX

June 15, 2026: IFSCA amended the framework governing the import of gold and silver through the India International Bullion Exchange ("IIBX"), relaxing the eligibility criteria applicable to entities seeking to be notified as Qualified Jewellers. The amendment removes the minimum net worth requirement for eligible SEZ units with a valid Letter of Approval for jewellery exports as an authorised operation and allows such units to import specified silver bars without getting notified as Qualified Jewellers. The framework has also been expanded to include the entities that hold a valid Registration-cum-Membership Certificate ("RCMC") issued by the Gem & Jewellery Export Promotion Council ("GJEPC") and incorporates recent DGFT requirements relating to specified categories of silver imports.

DLL Analysis: The amendments eliminate certain entry barriers for participants who are eligible for the scheme while making the framework more compatible with the recent developments in the foreign trade regime in India. By expanding the category of entities that may import bullion through the exchange, the changes could encourage wider use of IIBX as the designated import platform.

Source: IFSCA website [Circular F. No. IFSCA-PMTS/10/2023-Precious Metals/2026/2 dated June 15, 2026]

Hexaware Technologies Establishes Delivery Centre at GIFT City

June 14, 2026: Hexaware Technologies inaugurated a new delivery centre at GIFT City to support its banking, financial services and insurance ("BFSI") clients. The facility will provide technology services across AI, cloud transformation, digital engineering, data analytics and software development.

DLL Analysis: The investment reflects GIFT City's continued expansion beyond financial institutions into technology and digital services. The presence of technology delivery centres complements the growth of financial institutions in the IFSC and contributes to the development of an integrated financial services ecosystem.

Source: GIFT City website [Times of India, June 14, 2026]

IFSCA Notifies Managing General Agents Regulations, 2026

June 12, 2026: IFSCA notified the International Financial Services Centres Authority (Managing General Agents) Regulations, 2026, which provides a regulatory framework for the registration, operation, and supervision of Managing General Agents ("MGAs") in IFSC. MGAs are insurance intermediaries authorised by eligible foreign insurers under Binding Authority Agreements ("BAAs") to undertake certain specified insurance functions on their behalf. The key highlights are as follows:

• Dedicated Regulatory Framework: MGAs are recognised as a distinct class of insurance intermediary who are authorised to undertake delegated functions including underwriting, policy administration, premium collection, and claims management on behalf of eligible foreign insurers.
• Registration and Eligibility Requirements: MGAs may be established as either IFSC-incorporated entities or as branches of eligible foreign entities. The branch applicants are required to have a valid home jurisdiction licence along with a No Objection Certificate from their home regulator and be established in a jurisdiction having a Double Taxation Avoidance Agreement (“DTAA”) with India.
• Binding Authority Framework: MGAs can operate only upon entering a Binding Authority Agreement with an eligible foreign insurer defining the scope of delegated authority and responsibilities of the parties.
• Prudential and Supervisory Requirements: The regulations prescribe the eligibility criteria for foreign insurers, including minimum net worth and credit rating requirements, along with governance, reporting, inspection, record-keeping, and compliance obligations.

DLL Analysis: The regulations establish a dedicated framework for Managing General Agents, recognising delegated underwriting models within the IFSC insurance ecosystem. By permitting eligible foreign insurers to delegate specified underwriting and administrative functions to regulated intermediaries, the framework introduces greater operational flexibility while maintaining oversight. Overall, the regulations are expected to support specialised insurance business and strengthen the insurance services ecosystem in GIFT City.

Source: IFSCA website [IFSCA/GN/2026/010 dated June 15, 2026]

US-Headquartered Company Files Draft Offer Document for Proposed IPO at GIFT IFSC

June 12, 2026: Tryfacta, Inc., a US-headquartered company, filed its Draft Offer Document ("DOD") (Draft Red Herring Prospectus) with IFSCA in connection for a proposed initial public offering on the IFSC stock exchanges. In the event of the proposed offering, it would make Tryfacta the first US-headquartered company to list its equity shares through the GIFT IFSC framework. The proposed US dollar-denominated offering 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 and proposed to be listed on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).

DLL Analysis: The proposed offering is one of the earliest instances of a US-headquartered company seeking to access the IFSC listing framework. If completed, the proposed listing would represent an important milestone for GIFT IFSC's international capital markets framework and demonstrate its ability to attract overseas issuers.

Source: IFSCA website [Draft Red Herring Prospectus dated June 12, 2026]

Dhan Launches US Investment Platform through GIFT IFSC

June 12, 2026: Dhan launched a platform with access to US-listed stocks and exchange traded funds ("ETFs") through its wholly owned subsidiary, Raise IFSC Private Limited, operating from GIFT IFSC. The platform enables Indian investors to invest in securities listed on Nasdaq and NYSE through the IFSC framework while complying with applicable RBI and FEMA requirements. Dhan has partnered with ViewTrade for brokerage services and GlomoPay for payment infrastructure.

DLL Analysis: The launch further expands the range of international investment platforms operating from GIFT IFSC. It also demonstrates how the IFSC framework is being used to facilitate cross-border investments within India's foreign exchange framework.

Source: Business Standard [June 12, 2026]

SAMCO Launches Global Investing Platform from GIFT City

June 11, 2026: SAMCO Securities launched its global investing platform after obtaining a Broker Dealer licence from IFSCA. The platform enables Indian resident investors to invest in US-listed stocks and exchange traded funds ("ETFs") through GIFT IFSC under the Liberalised Remittance Scheme ("LRS"). Investors can purchase fractional shares starting from USD 1 and access research covering more than 700 global securities.

DLL Analysis: The launch reflects the growing use of GIFT IFSC as a regulated platform for overseas investments. As more broker dealers establish international investment platforms within the IFSC, the ecosystem for cross-border capital market access is expected to deepen.

Source: Business Line [June 11, 2026]

GIFT City Invites Applications for Second Fintech Residential Programme

June 10, 2026: GIFT City invited applications for the second batch of its Fintech Residential Programme through the GIFT International Fintech Innovation Hub. The six-month programme is intended for early-stage fintech startups which are developing solutions in areas including cross-border finance, RegTech, cybersecurity, Web3, blockchain infrastructure, and risk and compliance. The selected startups will receive mentorship, guidance, ecosystem access, and opportunities to engage with investors and industry stakeholders.

DLL Analysis: The programme forms part of GIFT City's continuing efforts to promote fintech innovation within the IFSC. By supporting early-stage startups through mentorship and ecosystem access, it is expected to encourage the development of technology-driven financial services.

Source: BFSI News [June 10, 2026]

Public Comments on Draft Master Circular for Broker Dealers and Clearing Members

June 9, 2026: IFSCA published public comments received on the draft Master Circular for Broker Dealers and Clearing Members. Stakeholders supported the proposed framework and suggested ways to reduce the complexity of compliance and enhance operational efficiency. Key suggestions included standardising formats for annual compliance audit, routing specified regulatory reports through Stock Exchanges and Clearing Corporations as frontline regulators, streamlining provisions relating to algorithmic trading and mock trading sessions, reviewing the proposed API-based Logging and Monitoring Mechanism (LAMA), and revising inspection, reporting, and Base Minimum Capital requirements.

DLL Analysis: The comments primarily aim to simplify the operational compliance applicable to intermediaries without reducing regulatory oversight. If adopted, the recommendations are likely to reduce compliance duplication, improve operational efficiency and clarify the supervisory responsibilities of Market Infrastructure Institutions in relation to Broker Dealers and Clearing Members.

Source: IFSCA website [Published comments dated June 9, 2026]

Public Comments on Draft Master Circular for Stock Exchanges and Clearing Corporations

June 9, 2026: IFSCA published public comments received on the draft Master Circular for Stock Exchanges and Clearing Corporations. Stakeholders recommended refinements relating to Liquidity Enhancement Schemes, governance for statutory committees and Independent External Professionals, disaster recovery and business continuity measures, regulatory reporting, and provisions governing co-location facilities, annexures, and systems audits.

DLL Analysis: The comments highlight the industry's focus on refining the operational framework for Market Infrastructure Institutions while preserving existing regulatory standards. If adopted, the recommendations are likely to strengthen technology governance, operational resilience and regulatory clarity in the functioning of Stock Exchanges and Clearing Corporations.

Source: IFSCA website [Published comments dated June 9, 2026]

Master Circular for Stock Exchanges and Clearing Corporations

June 5, 2026: IFSCA issued the Master Circular for Stock Exchanges and Clearing Corporations in the IFSC, consolidating and superseding all applicable circulars and relevant SEBI guidelines governing Market Infrastructure Institutions ("MIIs"). The Master Circular provides a consolidated framework to ensure it is easier for businesses to operate and uniformity in regulatory standards for Stock Exchanges and Clearing Corporations operating in the IFSC. The key highlights are as follows:

• Recognition and Market Operations: Integrates the framework for recognition and registration of MIIs, Negotiated Large Trades (NLTs), Direct Market Access (DMA), Sponsored Access, and the Segregated Nominee Account Structure for eligible foreign investors.
• Technology and Operational Framework: Specifies requirements relating to technology management, software testing, mock trading sessions, Business Continuity Plans (BCPs), Disaster Recovery Sites (DRS), and procedures for addressing technical glitches.
• Settlement, Risk Management and Governance: Offers regulatory provisions for settlement cycles, Settlement Guarantee Fund (SGF), default waterfall mechanisms, governance of MIIs, Public Interest Directors, and statutory committees.
• Compliance and Reporting: Consolidates periodic reporting, inspection, and compliance requirements applicable to Stock Exchanges and Clearing Corporations.

DLL Analysis: The Master Circular consolidates the regulatory framework applicable to Stock Exchanges and Clearing Corporations operating in the IFSC. By integrating the regulatory requirements relating to market operations, technology, governance, settlement and compliance into a single framework, it provides greater regulatory certainty and operational consistency for Market Infrastructure Institutions. The Circular is expected to simplify compliance, reduce fragmentation across the regulatory framework and facilitate more efficient implementation of the applicable regulatory requirements.

Source: IFSCA website [Master Circular No. IFSCA/CMD/MIIT/MCSECC/2026-27 dated June 05, 2026]

IFSCA Prescribes Reporting Format and Norms for Annual Compliance Audits of Capital Market Intermediaries

June 5, 2026: IFSCA issued a circular prescribing the reporting format and compliance norms for Annual Compliance Audits to be undertaken by Capital Market Intermediaries ("CMIs") under the IFSCA (Capital Market Intermediaries) Regulations, 2025. The circular introduces a standardised Annual Compliance Audit Report ("ACAR") and Annual Compliance Audit Checklist ("ACAC"), to be submitted annually to IFSCA by September 30 for the preceding financial year. It also requires Broker Dealers, Clearing Members and Depository Participants to submit audit reports to the relevant Market Infrastructure Institutions ("MIIs"), extends the reporting framework to Global Access Providers and Introducing Brokers, and prescribes eligibility, independence and rotation requirements for Compliance Auditors.

DLL Analysis: The circular strengthens the compliance and supervisory framework for CMIs in the IFSC by introducing a uniform reporting mechanism for Annual Compliance Audits. The introduction of uniform audit reports, enhanced reporting through Market Infrastructure Institutions, and auditor independence requirements is expected to strengthen supervisory oversight, promote consistency in compliance assessments, and improve regulatory monitoring across IFSC capital market intermediaries.

Source: IFSCA website [Circular F. No. IFSCA-DSI/1/2026-Capital Markets dated June 5, 2026]

GIFT City Insurance Premiums Increase Nearly Fourfold in FY26

June 4, 2026: Data released through the latest IFSCA Bulletin showed that gross premiums underwritten by IFSC Insurance Offices ("IIOs") operating in GIFT City increased to USD 648.68 million during FY26 from USD 162.10 million in FY25. This growth was led mainly by the reinsurance segment, with its premiums growing from USD 147.13 million to USD 607.96 million, while the direct insurance premiums increased from USD 14.96 million to USD 40.72 million. During the same period, the number of insurance and reinsurance entities operating from GIFT City increased from 18 to 36.

DLL Analysis: The increase in premium volumes, driven primarily by reinsurance business, represents the continued expansion of GIFT City's insurance industry. The simultaneous increase in the number of licensed entities suggests that the IFSC is gaining greater participation from international insurers and reinsurers while strengthening its position as a cross-border insurance hub.

Source: Business Standard [June 04, 2026]

IFSCA Issues Advisory on Cyber Security Risks Associated with Frontier AI Models

June 4, 2026: IFSCA issued an advisory regarding cyber security risks associated with frontier artificial intelligence (AI) models. The advisory encourages Regulated Entities to incorporate AI-related threats into cyber risk assessments, strengthen authentication and API security controls, maintain Software Bills of Materials (SBOMs), improve monitoring for AI-enabled attacks, and implement effective governance over the use of AI-assisted security tools.

DLL Analysis: The advisory highlights increasing regulatory focus on cyber resilience in light of the growing use of frontier AI models across the financial sector. By encouraging Regulated Entities to strengthen governance, monitoring and technical controls, IFSCA signals that AI-related operational resilience is becoming an integral component of cyber risk management within the IFSC.

Source: IFSCA website [Circular F. No. IFSCA-CSD/MSC/3/2026-DCS dated June 4, 2026]

Indian Overseas Bank Receives IFSCA Licence for IFSC Banking Unit

June 2, 2026: Indian Overseas Bank ("IOB") received an IFSCA licence to establish an IFSC Banking Unit ("IBU") at GIFT City. The licence follows the Reserve Bank of India's approval granted in December 2025 and enables the bank to undertake offshore banking and foreign currency business from the IFSC.

DLL Analysis: The addition of another public sector bank to the IBU ecosystem expands the banking infrastructure available within GIFT IFSC. The continued entry of domestic banks is expected to improve access to offshore banking services and strengthen GIFT City's position as India's international banking centre.

Source: BusinessLine [June 02, 2026]

Global Access Provider (GAP) Licences Increasingly Used for Proprietary Trading

June 1, 2026: Market reports indicated a shift in the utilisation of the Global Access Provider ("GAP") framework within GIFT City. While the framework was introduced to facilitate regulated access to international capital markets for Indian investors, it is increasingly being utilised by brokerage firms for proprietary trading activities. Of the fourteen active GAP licence holders, seven are reportedly using the framework primarily for proprietary trading. Market participants attribute this trend to lower regulatory costs, operational flexibility, and the ability to establish direct relationships with overseas brokers and exchanges.

DLL Analysis: The increased use of the GAP framework for proprietary trading demonstrates the flexibility of the IFSC regulatory architecture and the manner in which market participants are adapting existing structures to meet evolving business requirements. The trend also reflects the growing depth and maturity of GIFT City's capital markets ecosystem.

Source: Mint [June 01, 2026]

Decentro Becomes First Indian Payment Aggregator to Receive Final PSP Licence

June 1, 2026: Decentro received final approval from IFSCA for a Payment Service Provider ("PSP") licence, becoming the first Indian payment aggregator to obtain such approval within GIFT City. The company intends to establish a cross-border payments platform offering services including multi-currency accounts, international collections, settlements, escrow services, treasury management solutions, virtual accounts, and merchant payment infrastructure.

DLL Analysis: Decentro's approval expands the range of payment infrastructure available within the IFSC and reflects the continued development of GIFT City's cross-border financial services ecosystem. The entry of payment aggregators is expected to strengthen digital payment capabilities and support businesses undertaking international transactions through the IFSC.

Source: The Economic Times [June 01, 2026]