Finance Minister Nirmala Sitharaman on Tuesday (7 October) inaugurated the Foreign Currency Settlement System (FCSS) at the GIFT International Financial Services Centre (IFSC).
The FCSS will serve as a payment system within IFSC, designed to settle transactions in foreign currencies on a real-time or near real-time basis. Previously, such transactions typically faced delays of 36 to 48 hours.
Speaking at the Global Fintech Fest 2025, the finance minister noted that with this development, GIFT City joins a select group of global financial centres—including Hong Kong, Tokyo, and Manila, equipped to settle foreign currency transactions locally.
Sitharaman emphasised that fintech has “democratised finance” in India, allowing millions to save, invest, borrow, and insure with greater transparency, reported.
She highlighted that India ranks third globally in fintech companies and accounts for half of the world’s real-time digital transactions. The government, she added, has maintained a balanced policy approach to nurture innovation in the sector.
The minister also highlighted India’s growing presence in artificial intelligence, pointing to the $1.3 billion India AI Mission, while cautioning against the misuse of technology.
She warned that while AI offers extraordinary opportunities, it also has a darker side, as the very tools that drive innovation can be misused for deception and fraud, citing the circulation of deepfake videos of her online.
Highlighting the benefits of technology-driven governance, Sitharaman said the government saved Rs 4.31 trillion through Direct Benefit Transfer (DBT), ensuring public funds reach intended beneficiaries rather than ghost entities.
“We’d like to remain in the fringes and watch. We like to remain in the fringes and help…we have to enable businesses and not interrupt in their progress,” she added, reaffirming the government’s commitment to enabling technology and innovation while safeguarding public interest.
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