CCIL IFSC Ltd, a subsidiary of The Clearing Corporation of India Ltd (CCIL) has entered into an agreement with Standard Chartered Bank, whereby Standard Chartered Bank will act as the Settlement Bank for the Foreign Currency Settlement System (FCSS) of CCIL IFSC Ltd in Gift City, Gujarat, an official statement said here Saturday.

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 our 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.”

The collaboration puts in place a foreign currency settlement system that will initially facilitate real time settlement of USD transactions within GIFT IFSC.

Published on June 28, 2025