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2h ago

Sitharaman Launches Real-Time Foreign Currency Settlement at GIFT IFSC

The new system targets the 36–48 hour lag in cross-border clearing to bolster GIFT City's competitiveness.

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Overview

  • Finance Minister Nirmala Sitharaman unveiled the Foreign Currency Settlement System at Global Fintech Fest 2025 in Mumbai for GIFT IFSC.
  • The platform enables real-time or near real-time local settlement of foreign-currency transactions within the IFSC payment system.
  • It replaces routing through multiple correspondent and nostro banks that typically caused 36–48 hour delays.
  • Authorities say the capability will strengthen liquidity management, operational resilience, and regulatory compliance for market participants.
  • In her remarks, the minister highlighted India’s fintech scale, cited Rs 4.31 lakh crore in DBT savings, outlined the $1.3 billion IndiaAI Mission, and warned about AI-driven deepfakes and fraud.