Mumbai: Finance Minister Nirmala Sitharaman on Tuesday launched the foreign currency settlement system in GIFT IFSC, which will facilitate seamless transactions on real-time basis, enhance liquidity management, and ensure compliance.

Currently foreign currency transactions usually get settled with a lag of 36 to 48 hours.

Speaking at the Global Fintech Fest 2025, the finance minister said with the operationalisation of the foreign currency settlement system, GIFT City joins a select list of financial centres that include Hong Kong, Tokyo, Manila, and some other centres which have the infrastructure to settle foreign currency transactions locally.

Sitharaman further said fintech has democratised finance in India.

India ranks third in fintech companies and does half of world’s real-time

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