Union Finance Minister Nirmala Sitharaman on Monday unveiled a new foreign currency settlement system at Gujarat’s Gift City , aimed at reducing delays in international transactions as a part of the government’s efforts to strengthen GIFT City’s position as a global financial and fintech hub.
As per the media reports, Sitharaman said that cross-border payments currently pass through several banking intermediaries, leading to delays of 36 to 48 hours. The new system will allow faster, more efficient settlements of foreign currency transactions, placing Gift City alongside other major international financial centres such as Hong Kong, Tokyo, and Manila that have similar infrastructure.
The Finance Minister also said that steps are being taken to enhance the performance and operational efficiency of Global Corporate Centres (GCCs) across India, adding that these institutions are becoming an integral part of the country’s financial services landscape.
Sitharaman urged fintech companies to explore the opportunities available at Gift City, calling it a significant development in India’s financial ecosystem. India currently accounts for nearly 50 per cent of the world’s digital transactions, with an adoption rate of 87 per cent, higher than the global average of 63 per cent. The country also ranks third globally in terms of the number of fintech firms.
She noted that fintech has expanded beyond urban use, contributing to financial inclusion across regions. The transition from paper-based processes to digital platforms has made savings, investments, and borrowing more transparent and accessible for individuals and businesses.
Speaking at the Global Fintech Festival, the Finance Minister cautioned that while technological progress offers immense opportunities, it must be used responsibly and not be misused or weaponised.
