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Standard Chartered Bank has entered into a significant agreement with CCIL IFSC Limited, a subsidiary of the Clearing Corporation of India Limited (CCIL), to act as the settlement bank for CCIL IFSC’s Foreign Exchange Settlement System (FCSS) at GIFT City. This collaboration is a crucial step towards establishing a seamless and real-time US dollar clearing system within the International Financial Services Centre (IFSC) at GIFT City.
Key Benefits of the Partnership:
* Faster Settlement: The new US dollar clearing system will enable faster settlement of foreign currency transactions for corporates, businesses, and the broader financial community operating within GIFT City’s International Business Units (IBUs).
* Improved Fund Management Efficiency: This accelerated settlement will lead to greater efficiency in fund management for IFSC banking units, investors, and other institutions.
* Operationalization of FCSS: Standard Chartered’s role as settlement bank is a vital step in making CCIL-IFSC’s Foreign Currency Settlement System fully operational, providing real-time USD settlements.
* Reinforcing GIFT City’s Vision: This agreement aligns with the Indian government’s vision to develop GIFT City as a world-class financial center and a prominent gateway for global capital flows into India.
Statements from Leadership:
* P.D. Singh, CEO, India and South Asia, Standard Chartered Bank, highlighted the appointment as an “important milestone” in the bank’s contribution to the GIFT City ecosystem. He emphasized Standard Chartered’s commitment to leveraging its international expertise to make GIFT City a world-class banking center in partnership with CCIL IFSC.
* Hare Krishna Jena, Managing Director, CCIL and Director, CCIL IFSC Limited, stated that the partnership is a “significant step towards operationalising our Foreign Currency Settlement System that will enable seamless, real-time USD settlements at IFSC, GIFT City.”
Government’s Vision for GIFT City:
The Indian government views GIFT City as a strategic initiative to attract global capital into India, catering to the needs of high-growth sectors over the next two decades. Finance Minister Nirmala Sitharaman recently underscored the importance of developing GIFT City into a “dynamic smart city” with integrated, modern, and sustainable living infrastructure. This focus on world-class amenities is aimed at attracting top-tier domestic and international talent, further solidifying GIFT City’s position as a global financial hub.

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