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SBI seeks tax break extension for GIFT City unit
Business Standard
|December 05, 2025
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 by a surge in foreign currency borrowing. SBI's GIFT City book now stands at around $10 billion, and the bank has also invested in constructing a new building within the financial hub. SBI did not respond to an email seeking comment until the time of going to press.
This story is from the December 05, 2025 edition of Business Standard.
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