JPMorgan Chase & Co. is planning to expand its operations at Gujarat’s GIFT City and aims to double its business there over the next couple of years.
The bank plans to grow its operations in areas including trade finance, foreign exchange, liquidity management and payments. Its GIFT City business currently has a book of nearly $1 billion and serves a few hundred clients.
JPMorgan Expands at GIFT City
JPMorgan opened its GIFT City branch in 2022 as part of its operations at the International Financial Services Centre.
The bank currently offers loans, risk management, working-capital financing and investment services. It also provides products related to fixed income, commodities and capital markets.
The bank appointed Amit Roy, a senior executive from its London office, to head the GIFT City branch in June.
Max Neukirchen, global co-head of payments at JPMorgan, said the bank has been operating in GIFT City for four years and has seen substantial business growth.
More MNCs Look at GIFT City
JPMorgan’s expansion comes as more multinational companies are exploring GIFT City for treasury and cross-border financial operations.
In July, JPMorgan said more than 100 multinational companies had approached the bank to explore banking and payment solutions for their corporate treasury operations over the next 12 to 18 months.
The companies include firms from the insurance and fintech sectors.
Guhaprasath Rajagopal, managing director and head of payments at JPMorgan India, said treasury centres are becoming an important part of GIFT City’s growth. The availability of foreign-currency accounts along with rupee services is also supporting this trend.
JPMorgan provides services such as physical pooling, cash concentration and notional pooling to companies managing treasury operations from GIFT City.
GIFT City Banking Assets Reach $111 Billion
GIFT City’s financial ecosystem has also grown significantly.
Banking assets at GIFT City IFSC reached $111 billion as of March 2026. The financial hub had more than 1,500 entities and around 27,000 professionals at the time.
Loans and advances by global and regional corporate treasury centres operating from GIFT City stood at $5.61 billion as of March 2026.
The banking sector has also expanded, with 37 banks operating in GIFT IFSC as of February 2026. This included 20 foreign banks and 17 domestic banks.
JPMorgan Plans Wider India Expansion
JPMorgan’s GIFT City expansion is part of its broader strategy in India and Asia.
JPMorgan Chase CEO Jamie Dimon has said India has strong economic prospects but noted concerns raised by investors around taxation, regulations and consistency in the application of rules.
Dimon also said JPMorgan has expanded significantly across Asia and plans to continue growing in the region while assessing the opportunities and regulations in individual countries.
