Finance Minister Nirmala Sitharaman launched the foreign currency settlement system (FCSS) at GIFT City on Tuesday to boost trade, investment, and ease of business. She announced it at Global Fintech Fest 2025, highlighting real-time settlement, liquidity management, and regulatory compliance.
The FCSS allows entities within the International Financial Services Centre (IFSC) to settle transactions in foreign currency on a real-time or near real-time basis. This upgrade makes GIFT IFSC one of the few global financial hubs, including Hong Kong, Tokyo, and Manila, with this infrastructure.
Earlier, foreign currency transactions took 36-48 hours via correspondent banking. Sitharaman said the FCSS ensures faster, seamless settlements while strengthening operational resilience and compliance. Standard Chartered India will handle US dollar clearance for this system.
India ranks third globally in fintech companies and leads in digital payments, completing over 18,580 crore UPI transactions worth Rs 261 lakh crore in 2024-25. GIFT City in Gandhinagar, Gujarat, is now a strategic hub for international finance and fintech innovation, providing faster and secure transaction infrastructure.
