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Key Points

Standard Chartered Bank and CCIL IFSC have signed a groundbreaking agreement to enable real-time US dollar transactions at GIFT City. This partnership will significantly improve settlement efficiency for international business units and financial institutions. The move aligns with the government's vision to transform GIFT City into a prominent global financial center. By leveraging international expertise, the collaboration aims to create a sophisticated, seamless banking ecosystem.

Key Points: Standard Chartered CCIL Enable Real-Time USD GIFT City Transactions

  • - Standard Chartered Bank becomes settlement bank for CCIL IFSC Foreign Exchange System
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Standard Chartered Bank, CCIL IFSC enable real-time US dollar transactions at GIFT City

Standard Chartered Bank partners with CCIL IFSC to revolutionize US dollar settlements at Gujarat's international financial hub GIFT City.

"Our partnership is a significant step towards seamless, real-time USD settlements - Hare Krishna Jena, CCIL MD"

New Delhi, July 1

In a bid to enable real-time settlement of US dollar transactions at GIFT City in Gujarat, Standard Chartered Bank and CCIL IFSC Limited, a subsidiary of Clearing Corporation of India Limited (CCIL), on Tuesday signed an agreement.

Under the pact, Standard Chartered Bank IBU will act as the settlement bank for CCIL IFSC Limited's Foreign Exchange Settlement System (FCSS) at GIFT City.

Corporates, business and the financial community will benefit from the US dollar clearing system, as it permits faster settlement of foreign currency transactions within international business units. Subsequently, this will improve the efficiency of fund management for IFSC banking units, investors and other institutions.

"Standard Chartered Bank's appointment as a Settlement Bank at GIFT City is an important milestone in our continued contribution to this critical ecosystem," said P.D. Singh, CEO, India and South Asia, Standard Chartered Bank.

Having been at the forefront of introducing new products and capabilities at GIFT City, the bank looks forward to utilising its international expertise to make this a world class Banking centre in partnership with CCIL IFSC, Singh added.

The agreement reflects Standard Chartered Bank's commitment to the continued development of GIFT City, in line with the government vision to create a world-class financial centre with a strong reputation in the country.

"CCIL-IFSC's partnership with Standard Chartered Bank is a significant step towards operationalising our Foreign Currency Settlement System that will enable seamless, real-time USD settlements at IFSC, GIFT City," said Hare Krishna Jena, Managing Director, CCIL and Director, CCIL IFSC Limited.

According to the government, GIFT International Financial Services Centre (IFSC) should be developed as a prominent gateway for global capital flows into India to feed the needs of high-growth sectors over the next two decades.

Finance Minister Nirmala Sitharaman late last month underscored the importance of developing GIFT City into a dynamic smart city, equipped with integrated, modern, and sustainable living infrastructure, and stated that establishing such world-class amenities is essential to attracting top-tier talent from both domestic and international markets.

- IANS

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Reader Comments

P
Priya S
Good initiative but implementation will be key. Hope they've considered cybersecurity risks with real-time settlements. The recent banking fraud cases make me cautious about such rapid transactions.
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Aman W
As someone working in forex, this will save us hours of processing time! No more waiting for NY business hours to settle deals. GIFT City is becoming the financial hub we dreamed of ✨
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Sarah B
Interesting development. I work with MNCs in India and this could really streamline our regional treasury operations. Hope they expand to other major currencies soon!
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Karthik V
While this is progressive, I wish they'd focus more on making basic banking services easier for common people first. The queues at my local branch are still 2 hours long for simple transactions!
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Nisha Z
Gujarat is becoming India's financial powerhouse! First GIFT City, now this. Hope they create more job opportunities for local finance graduates too 🤞

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