India's sole financial center selected Standard Chartered (HKG:2888) to facilitate real-time settlement of all dollar-denominated trades, Bloomberg News reported Thursday, citing people familiar with the matter.
Banks with units in the Gujarat International Finance Tec-City or GIFT City will be asked to open trading accounts with StanChart, the report said.
The move is in line with Prime Minister Narendra Modi's plan to increase onshore rupee-related trading, the report said.
Outstanding foreign currency and interest rate derivatives at GIFT City rose 68% year over year to $249 billion in December, the report said, citing regulators.
Standard Chartered declined to comment when reached by MT Newswires.
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