AMN / MUMBAI
Finance Minister Nirmala Sitharaman today said that the government had saved four lakh 31 thousand crore rupees with the use of Direct Benefit Transfer DBT system. The Minister said while launching the Foreign Currency Settlement System in GIFT City at the Global Fintech Festival in Mumbai.
She said that this system will complete foreign currency transactions within GIFT city on a real-time basis. Currently, it takes 36 to 54 hours to settle foreign currency in GIFT City. With this launch, India has joined the ranks of Hong Kong, Tokyo, and Manila, which are equipped with such settlement systems.
During her speech, the Minister also highlighted the country’s various initiatives in the field of banking, finance, fintech, using Aadhar, UPI, digilocker, and Artificial Intelligence. She said that technology should continue to serve as a bridge. She added, technology must deepen the trust, safeguard privacy and uplift every citizen.