Finance Minister Nirmala Sitharaman on Tuesday inaugurated the foreign currency settlement system at GIFT IFSC aimed at enabling real-time transactions improving liquidity management and strengthening regulatory compliance. At present foreign currency transactions typically take 36 to 48 hours to settle. Speaking at the Global Fintech Fest 2025 Sitharaman said the launch positions GIFT City among a select group of global financial centres including Hong Kong Tokyo and Manila that possess the infrastructure to settle foreign currency transactions locally. Sitharaman further said fintech has democratised finance in India. Nirmala Sitharaman On Foreign Currency Settlement System India ranks third in fintech companies and does half of worlds real-time digital transactions the minister said and added that the governments policy has been to play a role to nurture the fintech sector through a balanced approach. She emphasised the governments enabling approach towards business technology and innovation. Wed like to remain in the fringes and watch. We like to remain in the fringes and help...we have to enable businesses and not interrupt in their progress Sitharaman added. Fintech in India she said has not merely digitised payments but has also democratised finance empowering millions to save invest borrow and insure with transparency. Nirmala Sitharaman On Artificial Intelligence Sitharaman said India has stepped decisively into the global AI arena with the USD 1.3 billion India AI Mission showcasing the countrys commitment to innovation and technology. In her address the finance minister also emphasised that we should refrain from weaponising technology and it should be used for the public good. Sithraman also said while artificial intelligence (AI) has transformed finance and governance there are darker sides of the technology also. Even as AI opens extraordinary possibilities we must confront its darker side. The same tools that power innovation can be weaponised for deception and for fraud. Im not personalising it but I can say I have seen several deep fake videos of myself being circulated online manipulated to mislead citizens distort facts the finance minister said. She also informed the gathering that the government saved Rs 4.31 lakh crore due to Direct Benefit Transfer (DBT) and public funds now reach the people they are meant for and not ghost entities. (With Inputs From PTI)