Banks in India are about to take the first step to explore clearing and settlement of dollars in the country.
Over the next few months, Wall Street banking biggie JP Morgan, along with several other financial institutions, will carry out a pilot project where dollar payments and receipts can be completed among international banking units (IBUs) – or bank branches – at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.
Source:
Economic Times
