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India has launched a foreign currency settlement system at GIFT IFSC, enabling real-time transactions and improved liquidity management, reducing previous settlement delays of 36-48 hours. Finance Minister Nirmala Sitharaman highlighted GIFT City joining global financial hubs with local settlement capabilities and praised fintech for democratizing finance in India. She noted India ranks third globally in fintech and stressed the government's role in enabling innovation. The minister also addressed the potential misuse of AI, while highlighting savings of INR 4.31 lakh crore through Direct Benefit Transfers.
Finance Minister Smt Nirmala Sitharaman recently inaugurated the foreign currency settlement system at GIFT IFSC, a move designed to enable real-time transactions, improve liquidity management, and ensure regulatory compliance. Previously, foreign currency settlements in India typically took 36 to 48 hours. Advertisement
Speaking at the Global Fintech Fest 2025, Sitharaman noted that with this launch, GIFT City now joins a small group of global financial centres, including Hong Kong, Tokyo, and Manila, that can settle foreign currency transactions locally. She highlighted that fintech has transformed finance in India, making it more accessible and empowering citizens to save, invest, borrow, and insure with transparency.
The Finance Minister emphasised that India ranks third globally in fintech companies and processes half of the world's real-time digital transactions. She said the government has followed a balanced policy approach to nurture the fintech sector, enabling businesses, technology, and innovation without interfering in their growth.
Sitharaman also underlined India's proactive role in emerging technologies, pointing to the USD 1.3 billion India AI Mission as an example of the country's commitment to innovation. While acknowledging the transformative potential of artificial intelligence in finance and governance, she warned of its misuse, noting the circulation of deepfake videos of her that mislead citizens and distort facts. She stressed that technology should be used for public good and not weaponised.
She further shared that the government has saved INR 4.31 lakh crore through the Direct Benefit Transfer system, ensuring public funds reach intended beneficiaries rather than ghost entities.
Source: PTI
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