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Finance Minister Nirmala Sitharaman launched a new Foreign Currency Settlement System (FCSS) at the Gujarat International Finance Tec-City (GIFT City) during the Global Fintech Fest 2025. This system enables real-time settlement of foreign currency transactions within the International Financial Services Centre (IFSC), replacing the traditional correspondent banking process that could take up to 36-48 hours. The upgraded infrastructure eliminates delays by allowing direct settlement of trades in foreign currency, improving liquidity management, operational resilience, and efficiency under the Payment and Settlement Systems (PSS) Act.
With FCSS now operational, GIFT-IFSC joins a select group of global financial centers like Hong Kong, Tokyo, and Manila that offer local foreign exchange settlement capabilities. Sitharaman said this move strengthens GIFT City’s appeal as a gateway for international finance and can attract more global investors and fintech innovations to India’s financial ecosystem.
The launch also highlighted India’s growing fintech and global capability centers, as well as progress in AI and financial technology. By enabling faster and more secure forex settlements, the system supports the broader goal of positioning India as a competitive global financial hub.
