Standard Chartered Bank, along with Clearing Corporation of India Ltd (CCIL) and International Financial Services Centre Authority (IFSCA) is set to open the dollar clearing facility in GIFT city on October 7, according P.D. Singh, chief executive officer (CEO)
“The entire dollar clearing that is happening in Gift City right now will move to this platform and every bank that is there, foreign and Indian bank, will become a member of this dollar clearing. I think we have a large number of the banks already signed up and some others will, as it goes live, will also sign up,” said Mr. Singh briefing the media on September 25. To be sure, CCIL had already announced this initiative.
Speaking on broader economic issues like tariffs, and economy, he said that it was too early to comment but said that there “definitely” was some reduction on the trade front. “There is also, a wait and watch approach to newer orders coming in. Existing orders, are getting executed,” he said adding that while this had happened to both sides, he said that the bargaining power was skewed to one more than the other. Domestic players are ready to take the excess capacity of a consignment that has not been completed, he added.
On the topic of slow growth in corporate loans, he said that the slowdown was sector specific and that corporates moving away from banks to finance their investment was more favourable to Standard Chartered was also offering both direct credit and syndication facilities, and private banking among others. On business growth, Mr. Singh emphasised that Standard Chartered was interested only in “multi-product relationships” and that the bank “would not like single product relationships with customers, whichever product it may be.” This strategy would be implemented through cross-selling , he said.
He said that Standard Chartered was also working on settlements in rupees and they expect this to pick up in transactions with middle-eastern corridor.
Published – September 25, 2025 10:52 pm IST