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Informist, Tuesday, Oct. 7, 2025

 

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--Sitharaman launches forex settlement system in GIFT city 
--Sitharaman: GIFT city FX system to help real-time settlement for IFSC units 
--CONTEXT: Minister Sitharaman speaking at Global Fintech Fest 
--Sitharaman: Forex settlement system in GIFT city to help boost liquidity 
--Sitharaman: Fintech cos must focus on innovation, R&D 
--Sitharaman: Fintech sector must fill gaps in financial ecosystem

 

MUMBAI – Finance Minister Nirmala Sitharaman Tuesday launched a real-time settlement system for foreign currency for entities in the International Financial Services Centres in Gandhinagar's Gujarat International Finance Tec-City. Currently, the IFSC entities settle foreign currency through nostro accounts, which takes 36-48 hours in completion of the transaction. 

 

The new system will settle currencies real-time and boost liquidity in GIFT city, Sitharaman said at the Global Fintech Fest. Clearing Corp. of India Ltd.'s subsidiary CCIL IFSC will manage the foreign exchange transaction system in GIFT city.

 

With the operationalisation of the foreign currency settlement system, GIFT-IFSC will now join a select list of financial centres that include Hong Kong, Tokyo, Manila, and so on that have infrastructure to sttle foreign currencies locally, Sitharaman said. The system will also ensure compliance with regulatory oversight, the minister added.  

This foreign currency settlement system is the IFSC-equivalent of the Real Time Gross Settlement system that is operational in India. GIFT-IFSC is a deemed foreign territory launched by the government to encourage foreign investments.

At the same event, Sitharaman encouraged the fintech companies to invest in research and development. She also asked the sector to identify and fill the gaps in the financial ecosystem.  End

 

Reported by Krity Ambey and Sagar Sen

Edited by Akul Nishant Akhoury

 

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