GIFT City Seeks RBI Support for Dollar Payment System

Gujarat International Finance Tec-City (GIFT City) is reaching out to the Reserve Bank of India (RBI) with a proposal to collaborate on the creation of a dollar payment system similar to the Real-Time Gross Settlement (RTGS) system. This initiative aims to bolster financial infrastructure within the GIFT City, positioning it as an advanced and globally competitive international financial services centre. The proposed dollar payment system seeks to facilitate seamless and efficient transactions in the U.S. currency within GIFT City. Drawing inspiration from the established RTGS system, the new payment mechanism aims to enhance the speed and accuracy of dollar-denominated transactions, catering to the needs of international businesses and financial institutions operating within the financial hub. GIFT City, located in Gandhinagar, Gujarat, has emerged as a key player in India's ambition to establish a world-class financial services centre. The collaboration with RBI to implement a dollar payment system aligns with the city's strategy to offer sophisticated financial infrastructure, fostering a conducive environment for international financial activities. The move reflects GIFT City's proactive approach in seeking regulatory support to strengthen its position as a premier financial hub. If approved, the proposed dollar payment system is expected to contribute significantly to the city's appeal as a global financial centre, attracting businesses and investors seeking advanced financial services and infrastructure.