Overview

• The Foreign Currency Settlement System is now live within GIFT IFSC to settle foreign-currency transactions in real time or near real time, replacing 36–48 hour correspondent-banking lags.
• With FCSS operational, GIFT joins a small group of centres such as Hong Kong, Tokyo and Manila that offer local foreign-currency settlement.
• The platform aims to improve liquidity management and operational resilience under IFSCA oversight pursuant to the Payment and Settlement Systems Act.
• Citing several deepfake videos of herself, the finance minister urged stronger defenses against AI-driven impersonation and endorsed SEBI/NPCI’s verified UPI handles and SEBI’s new “SEBI Check” tool for investor payments.
• She reiterated the $1.3 billion India AI Mission and asked fintechs to prioritise fundamentals—product innovation, profitability, risk management and compliance—to build a trusted ecosystem.