Euro settlements may soon be possible at GIFT City
Business
India is looking to let banks and other interbank participants settle payments in euros instantly at GIFT City, its big financial hub.
This move, suggested by the financial regulator IFSCA, comes as India and the EU are deep in trade talks and could make cross-border deals with Europe a lot smoother.
Euro settlements would join the real-time US dollar system
If approved, euro settlements would join the real-time US dollar system already running at GIFT City.
That system has already cut wait times from 24 hours to just seconds, making things faster and less risky for global investors.
The idea is to help Indian and European companies trade more easily without relying so much on international banks.