Standard Chartered to Launch Dollar Settlement Facility in GIFT City on Oct. 7, 2025, to Support Onshoring of Rupee Trading

Standard Chartered Plc. is set to launch a dollar settlement facility in India’s GIFT City on October 7, 2025, as part of broader efforts to support India’s push to bring rupee-related trading onshore. The initiative aligns with Prime Minister Narendra Modi’s vision to deepen the domestic financial ecosystem and enhance the role of the Indian rupee in international trade.

The new facility will operate within GIFT City, a dedicated international financial services center established to facilitate cross-border financial transactions. By offering a dollar settlement infrastructure, Standard Chartered aims to enable smoother foreign exchange operations while reinforcing the onshoring of rupee-based trade. This move is expected to contribute to the growth of India’s financial markets by attracting more international participants and promoting transparency in cross-border transactions.

The launch follows a strategic focus on strengthening India’s position as a global financial hub. GIFT City, with its regulatory advantages and infrastructure, has already drawn multiple international banks and financial institutions. Standard Chartered’s entry into the dollar settlement space in this environment underscores its commitment to supporting India’s financial reform agenda.

The timing of the launch on October 7 reflects coordinated planning to align with key regulatory and market developments. As part of India’s broader financial inclusion and market liberalization goals, the shift of rupee trading onshore is seen as a critical step toward building a more resilient and integrated domestic financial system. Standard Chartered’s participation is expected to enhance the depth and liquidity of the onshore market.

By offering a dedicated dollar settlement facility, the bank will support both Indian corporates and international traders engaged in rupee-denominated transactions. This is particularly relevant as more entities seek to transact in rupees to mitigate currency risk and benefit from India’s growing economic footprint. The initiative is also likely to encourage further innovation in financial products and services tailored to the evolving needs of the market.

The launch is part of a larger trend of financial institutions expanding their presence in GIFT City to capitalize on the benefits of the IFSC framework. Standard Chartered’s move is expected to set a precedent for other global banks considering similar onshoring strategies in India. As India continues to open up its financial markets, such developments are likely to play a key role in shaping the future of international trade and investment flows into the country.

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