JPMorgan to Double GIFT City Business, Expands India Payments Push

Zacks Investment Research·23 Sep 2026·

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JPMorgan Chase & Co. plans to double its business at Gujarat International Finance Tec-City, or GIFT City, over the next couple of years, expanding beyond trade finance and foreign exchange into liquidity and payment solutions. The bank has operated its GIFT City branch since 2022 and currently serves a few hundred clients, with a business book of close to $1 billion, according to people familiar with the matter. JPMorgan appointed Amit Roy, a senior executive from its London office, to head the GIFT City branch in June. The bank has also partnered with the National Payments Corporation of India to enable real-time foreign-exchange conversion and settlement for international UPI transactions. CEO Jamie Dimon said at the JPMorgan India Investor Conference that he expects India's economy could be three times its current size over the next decade, and that the bank's India workforce has grown from around 6,000 employees in 2005 to approximately 60,000 today. JPMorgan also said outbound M&A by companies in India is on pace for a record year in 2026, with nearly $24 billion in deals already recorded.

JPMorgan Chase & Co ▲