Nirmala Sitharaman Launches Foreign Currency Settlement Platform at GIFT City

On October 7, 2025, Union Finance Minister Nirmala Sitharaman unveiled a pioneering foreign currency settlement platform at Gujarat’s GIFT City. This new mechanism aims to boost transaction efficiency, positioning India among selected global financial hubs equipped to manage foreign exchange settlements locally.

India’s Leap in Foreign Currency Settlement Infrastructure

Traditionally, cross-border transactions have been subjected to delays of 36 to 48 hours due to the dependence on various international banking nodes. With the launch of the new platform at GIFT City, settlements in foreign currencies can now occur much faster. This initiative enhances India’s standing, placing GIFT City alongside global hubs like Hong Kong, Tokyo, and Manila.

Boosting Global Corporate Centres and Digital Finance

FM Sitharaman emphasised concurrent efforts to optimise the efficiency of Global Corporate Centres (GCCs) across the country. These centres are integral to India's services ecosystem, and improved functionality is expected to attract more multinational corporations to set up operations within India’s borders.

Fintech Sector Empowered by GIFT City Progress

Highlighting GIFT City’s strategic capabilities, the minister called on fintech companies to harness this ecosystem. India now accounts for nearly 50% of global digital transactions, with adoption rates hitting 87%, far surpassing the global average of 63%. Moreover, India ranks 3rd in the world for the number of fintech enterprises, underlining its growing leadership in digital finance.

Read More: NSE GIFT City to Launch Daily Nifty Options Expiry From October 13, 2025!

Technology to Serve the Nation, Not Overpower It

Addressing the broader fintech landscape, Sitharaman reaffirmed the role of digital technology in fostering nationwide financial inclusion. From enabling savings and investments to ensuring transparent borrowing systems, digital transformation is reshaping India’s financial consciousness. However, she stressed that technology must be used responsibly and not be weaponised.

Conclusion

The launch of the new currency settlement platform enhances India's global financial infrastructure and supports fintech growth. With faster settlements at GIFT City, India moves towards becoming a more self-reliant hub for international finance activities.

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