{"id":2590,"date":"2025-11-08T06:04:43","date_gmt":"2025-11-08T06:04:43","guid":{"rendered":"https:\/\/www.rnm.in\/blog\/?p=2590"},"modified":"2025-11-14T11:47:35","modified_gmt":"2025-11-14T11:47:35","slug":"gift-city-rnm-newsletter-update-november","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/gift-city-rnm-newsletter-update-november\/","title":{"rendered":"GIFT CITY_RNM Newsletter Update _November 2025"},"content":{"rendered":"

1<\/b>st<\/b>Oct 2025:<\/b> Constitution and First Actions of the Payments Regulatory Board (PRB) under IFSCA<\/span><\/p>\n

Following the implementation of amendments to the <\/span>Payment and Settlement Systems Act, 2007<\/span><\/i> on <\/span>May 9, 2025<\/b>, the <\/span>Payments Regulatory Board (PRB)<\/b> was established, replacing the earlier <\/span>Board for Regulation and Supervision of Payment and Settlement Systems (BPSS)<\/b>. The PRB now serves as the statutory body through which the <\/span>International Financial Services Centres Authority (IFSCA)<\/b> regulates and supervises payment and settlement systems under the Act.<\/span><\/p>\n

The Board comprises senior representatives from IFSCA, the Department of Financial Services, UIDAI, and NPCI. In its <\/span>first meeting on October 1, 2025<\/b>, the PRB granted <\/span>authorisation to CCIL IFSC Ltd.<\/b> to operate a <\/span>Foreign Currency Real-Time Gross Settlement (RTGS) System<\/b> within the IFSC framework, marking its first major regulatory action.<\/span><\/p>\n

07<\/b>th<\/b>Oct 2025: <\/b>Finance Minister Launches Foreign Currency Settlement System at GIFT IFSC \u2014 A Milestone in India\u2019s Financial Infrastructure<\/span><\/p>\n

Hon\u2019ble Finance Minister Nirmala Sitharaman launched the <\/span>Foreign Currency Settlement System (FCSS)<\/b> for <\/span>GIFT IFSC<\/b> at the Global Fintech Festival in Mumbai. The FCSS, authorised by the <\/span>International Financial Services Centres Authority (IFSCA)<\/b> under the Payment and Settlement Systems Act, 2007, allows <\/span>local settlement of foreign currency transactions (initially in USD)<\/b> between <\/span>IFSC Banking Units (IBUs)<\/b>\u2014eliminating the need for the traditional, slower <\/span>correspondent banking route<\/b>.<\/span><\/p>\n

Operated by <\/span>CCIL IFSC Ltd.<\/b>, a subsidiary of the <\/span>Clearing Corporation of India Limited (CCIL)<\/b>, and developed by <\/span>IFTAS<\/b> (a subsidiary of the RBI), the system appoints <\/span>Standard Chartered Bank<\/b> as the settlement bank through an open bidding process. The FCSS will enable <\/span>real-time or near real-time settlements<\/b>, cutting down settlement time from up to 48 hours to a few minutes, while enhancing <\/span>speed, safety, cost efficiency, and risk reduction<\/b>.<\/span><\/p>\n

The launch marks a significant milestone for <\/span>GIFT IFSC<\/b>, aligning it with global financial centres like <\/span>Tokyo and Hong Kong<\/b>, and strengthening India\u2019s position as a <\/span>world-class hub for international financial services and cross-border payment innovation<\/b>.<\/span><\/p>\n

23<\/b>rd<\/b>Oct 2025:<\/b> GIFT IFSC Takes Major Strides in Financial Innovation with Launch of FCSS and Consultation on Blended Finance Framework<\/span><\/p>\n


\n<\/span>At the Global Fintech Festival in Mumbai, Finance Minister Nirmala Sitharaman inaugurated the <\/span>Foreign Currency Settlement System (FCSS)<\/b> for GIFT IFSC \u2014 a landmark development in India\u2019s financial infrastructure. The FCSS, authorised by <\/span>IFSCA<\/b> and operated by <\/span>CCIL IFSC Ltd.<\/b>, enables <\/span>local settlement of foreign currency transactions<\/b> (starting with USD) between IFSC Banking Units, significantly reducing settlement time from up to 48 hours to just minutes. This move aligns GIFT IFSC with leading global financial centres like Tokyo and Hong Kong, enhancing its efficiency, safety, and global competitiveness.<\/span><\/p>\n

In parallel, IFSCA released a <\/span>Consultation Paper on \u201cRegulatory Framework for Differential Distribution in Restricted and Venture Capital Schemes\u201d<\/b>, aimed at <\/span>facilitating blended finance structures<\/b>. The proposed framework seeks to attract diverse investor classes \u2014 including institutional, philanthropic, and impact investors \u2014 to <\/span>mobilize private capital at scale<\/b> toward climate and sustainable development goals.<\/span><\/p>\n

As of June 2025, <\/span>177 Fund Management Entities<\/b> have registered in GIFT IFSC, launching <\/span>272 schemes<\/b> with <\/span>USD 22.11 billion<\/b> in commitments and <\/span>USD 11 billion<\/b> in investments, underscoring the rapid growth of India\u2019s offshore fund ecosystem. Stakeholders have been invited to provide feedback on the proposal by <\/span>November 11, 2025<\/b>.<\/span><\/p>\n

Together, these initiatives underscore India\u2019s commitment to <\/span>building GIFT IFSC as a global hub for cross-border finance and sustainable investment innovation<\/b>.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

1stOct 2025: Constitution and First Actions of the Payments Regulatory Board (PRB) under IFSCA Following the implementation of amendments to the Payment and Settlement Systems Act, 2007 on May 9, 2025, the Payments Regulatory Board (PRB) was established, replacing the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS). The PRB now serves as the statutory body […]<\/p>\n","protected":false},"author":2,"featured_media":2607,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[447],"tags":[],"class_list":["post-2590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gift-city"],"yoast_head":"\nGIFT IFSC & IFSCA Updates: PRB Formation, FCSS Launch<\/title>\n<meta name=\"description\" content=\"IFSCA establishes PRB, launches Foreign Currency Settlement System, and proposes a blended finance framework \u2014 driving innovation at GIFT IFSC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rnm.in\/blog\/gift-city-rnm-newsletter-update-november\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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