Standard Chartered Bank IBU and CCIL IFSC Limited, a subsidiary of The Clearing Corporation of India Limited (CCIL), have signed an agreement whereby the bank will act as the settlement bank for the Foreign Currency Settlement System (FCSS) of CCIL IFSC Limited in GIFT City, Gandhinagar, Gujarat.

The agreement was signed in the presence of Hare Krishna Jena, Managing Director, CCIL and P D Singh, CEO, India and South Asia, Standard Chartered Bank.

The development is significant, which will enable real-time settlement of USD transactions within GIFT IFSC. This mandate demonstrates Standard Chartered Bank’s commitment to further grow GIFT City, in line with the government's vision to create a financial hub of global standards and repute in the country.

Businesses and the financial ecosystem will benefit from the USD clearing system as it will enable faster settlement of foreign currency transactions within the IBUs. This will lead to greater efficiencies in fund management for IFSC Banking units, various other institutions, and investors.

P D Singh, CEO, India & South Asia, Standard Chartered Bank, said Standard Chartered Bank’s appointment as a settlement bank at GIFT City is an important milestone in its continued contribution to this critical ecosystem. "Having been at the forefront of introducing new products and capabilities at GIFT City, the Bank looks forward to utilising its international expertise to make this a world-class Banking centre in partnership with CCIL IFSC."

Hare Krishna Jena, Managing Director, CCIL and Director, CCIL IFSC, said the company's partnership with Standard Chartered Bank is a significant step towards operationalising its Foreign Currency Settlement System that will enable seamless, real-time USD settlements at IFSC, GIFT City. "It also reaffirms CCIL Group’s commitment to delivering a robust, efficient and future-ready financial market infrastructure.”