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GIFT City has seen strong momentum over the past 12-18 months, aided by an improved regulatory framework under the International Financial Services Centres Authority (IFSCA), established in 2019.
State Bank of India (SBI), the country’s largest lender, has approached the Centre, seeking an extension of its 10-year tax holiday for its GIFT City unit, according to people familiar with the development. The tax holiday ends next year.
SBI was among the earliest banks to set up operations at the International Financial Services Centre (IFSC), which is in GIFT City. With the tax break ending, the bank will have to start paying corporation tax at rates comparable to its domestic operations.
The lender’s IFSC balance sheet has expanded meaningfully in recent years, buoyed
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