"Dollar payments in India are usually made by holding Nostro accounts at U.S.-based banks. In India’s GIFT City, an international financial center, JP Morgan’s recently created branch has been given the green light for a pilot to act as an international settlement bank for other GIFT City banks. In a month or so, banks will be able to have foreign currency accounts with JP Morgan in India as blockchain-based bank accounts, enabling 24/7 settlement instead of being restricted to U.S. opening hours, according to the Economic Times."