GIFT IFSC Foreign Currency Settlement System Inaugurated
Why in the news
The Finance Minister opened a new system at GIFT City that settles foreign currency dealings in real time, unveiled at Global Fintech Fest 2025.
Key facts
- Venue: GIFT City International Financial Services Centre (IFSC).
- Opened by: Finance Minister Nirmala Sitharaman at Global Fintech Fest 2025.
- Speed: instant or same-day settlement.
- Currencies at launch: USD, GBP, EUR; more may follow.
- Regulator: International Financial Services Centres Authority (IFSCA).
Features
- Aims at better liquidity management for institutions dealing in foreign currencies inside GIFT City.
- Complies with KYC, AML and FATF norms.
- Built to link with banks, fintechs and trading platforms.
Exam angle
- Regulator of the IFSC: IFSCA.
- Event of the launch: Global Fintech Fest 2025.
- Initial currencies: US dollar, pound sterling, euro.