Standard Chartered (HKG:2888) will likely become the settlement bank for real-time dollar-denominated trades in India's newest financial hub, Gujarat International Finance Tec-City, Bloomberg reported Tuesday, citing people familiar with the matter.

The Clearing Corp. of India will start testing the new model by January, the publication noted, citing unnamed sources. The government plans to launch the system in April, which will facilitate transactions.

Standard Chartered declined to comment, while The Clearing Corp. did not respond, Bloomberg said.

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