MUMBAI (Reuters) -India on Tuesday launched a foreign currency settlement system via the country’s tax-neutral zone GIFT City.
This will help speed up foreign currency transactions, federal Finance Minister Nirmala Sitharaman said at the Global Fintech Festival in Mumbai.
Banking major Standard Chartered’s India unit has been selected for U.S. dollar clearance.
(Reporting by Ashwin Manikandan; Editing by Mrigank Dhaniwala)
