StanChart Wins Dollar Crown: GIFT City's Financial Revolution Starts

Standard Chartered Plc has captured the title of India's settlement bank for real-time dollar-denominated transactions in the country's ambitious GIFT City financial center. This historic breakthrough, which is scheduled to go live by the end of June 2025, is a major milestone in India's effort to create a global financial hub.

 

Banks with operations in GIFT City have been directed to open trading accounts with Standard Chartered, opening the way for speedier and more streamlined dollar transactions. The step is likely to draw foreign investors and ride the wave of India's inclusion in global bond indexes.

 

The new system of settlement, managed by the Clearing Corporation of India Ltd., is set to simplify cross-border transactions with less delay and cost compared to conventional correspondent bank networks. In its growth journey, GIFT City has created this real-time dollar settlement capacity, making India a strong candidate in the global financial world as it competes with established locations such as Singapore and Dubai. 

 

Source: Bloomberg, February 27, 2025