The FCSS was launched on October 7, 2025, to provide a safe, secure, and efficient fund transfer mechanism among IBUs and obviating the need of using the corresponding banking route to settle inter-IBU transactions.
The operations of the FCSS have now stabilised and the system is able to settle USD transactions among the member IBUs within 5-6 seconds. Accordingly, a draft circular prescribing certain adherence related to FCSS for IBUs is prepared and annexed to this circular. Vide this consultation paper the IFSCA seek comments from public and stakeholders on the proposed draft.
Comments may be submitted to IFSCA in prescribed format on or before July 24, 2026.

For details: CLICK HERE