Nirmala Sitharaman: India’s Banks In Best Health, Global Interest Rising In GIFT City

Finance Minister Nirmala Sitharaman has said that India’s scheduled commercial banks are currently in the best of health, supported by strong investment activity across the banking sector. Speaking at the Welcome Reception with prominent members of the Indian diaspora business community in Toronto, Canada, Sitharaman highlighted the rapid growth of India’s broader financial sector, including banks and NBFCs, and said this expansion is attracting significant international interest. She also pointed to GIFT City as an important financial hub that is drawing foreign banks to India. According to the Finance Minister, several international banks have already started operations from GIFT City and there is room for many more to enter. Her remarks underline the government’s confidence in the strength of India’s banking system and its growing appeal among global financial institutions and investors.