<div id="readability-page-1"><div id="contentdata"><div>  <h2>A Standard Chartered Plc bank branch in Mumbai, India. Photographer: Kuni Takahashi/Bloomberg</h2> </div>  <p>Standard Chartered Plc has emerged as the front-runner to become the settlement bank for real-time dollar-denominated trades in India’s newest financial hub, according to people familiar with the matter.</p><p>The Clearing Corp. of India Ltd., which has been tasked to set up the settlement system, will start testing the new model by January, said the people, who asked not to be identified as the discussions are private.</p><p>Authorities are aiming to roll out the service through April after different bank units in the Gujarat International Finance Tec-City, or GIFT City, have tested the system, they said.</p><p>The move is likely to speed up transactions at a time when foreigners are showing greater interest in India and its sovereign bonds are added to global indexes, including those of JPMorgan Chase &amp; Co.</p><p>Standard Chartered declined to comment, while Clearing Corporation did not reply to a request seeking comment.</p><p>A settlement bank is traditionally responsible for processing trades, dealing with everything from the exchange of payment from buyer to seller and the transfer of securities.</p><p>The rupee traded steady at 84.25 per dollar on Tuesday, while most other emerging-Asian currencies were lower on the back of a stronger dollar.</p><p>Last year, the Reserve Bank of India started a domestic non-deliverable forward market for derivatives settled in dollars at the GIFT City. Some foreign banks are already offering derivative products to investors who want exposure to India without necessarily having to set up shop in the country.</p><p>Globally, there are efforts underway to make sending money across borders faster and less complicated. Currently, most cross-border transactions rely on a network of correspondent banks, which can make settlements expensive and lead to delays.</p></div></div>

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<p>Standard Chartered Plc is poised to become the settlement bank for dollar-denominated trades in GIFT City, India. The Clearing Corp. of India plans to test the new settlement system by January, with a rollout expected by April. This initiative aims to expedite transactions as foreign interest in India grows, particularly with its sovereign bonds being included in global indexes. The rupee remains stable at 84.25 per dollar, while efforts to streamline cross-border transactions continue globally.</p>

StanChart front-runner to become the Dollar settlement bank in GIFT City