FM Nirmala Sitharaman Launches New Foreign Currency Settlement System In GIFT City | Economy News

Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Monday inaugurated a new platform for settling foreign currency transactions at Gujarat’s GIFT City, aimed at cutting down processing delays and strengthening India’s international financial services ecosystem.

Speaking at the launch, Sitharaman noted that cross-border payments currently face delays of 36–48 hours due to routing through multiple banking channels. The new system, she said, will enable faster, more efficient settlements. With this launch, GIFT City joins a select group of global financial hubs—including Hong Kong, Tokyo, and Manila—that have the infrastructure to handle such transactions locally.

The finance minister added that steps are underway to further improve the efficiency of Global Corporate Centres (GCCs) operating across India.

Highlighting India’s leadership in digital payments, Sitharaman described GIFT City as a “visionary initiative” that offers enormous opportunities for fintech companies. India, she said, accounts for nearly 50% of global digital transactions, with an adoption rate of 87%—far higher than the global average of 63%—and now ranks third worldwide in the number of fintech firms.

She emphasised that fintech has moved beyond being merely an urban convenience to becoming a key driver of financial inclusion nationwide. The transition from paper-based processes to direct digital transfers has made saving, investing, and borrowing simpler and more transparent for millions of people and businesses, she said.

At the Global Fintech Festival, Sitharaman also underscored the need for responsible use of technology, cautioning that it “should not be weaponised” despite its vast potential.