RBI Has Taken Numerous Steps To Popularise Use Of Indian Rupee In Global Markets

MUMBAI:With an aim to build an AtmaNirbhar Indian Economy and Viksit Bharat, Prime Minister Narendra Modi has emphasized the need to make the Indian Rupee more accessible and acceptable throughout the world. Accordingly, the Reserve Bank of India has taken numerous steps in the recent past to popularise the use of Indian Rupee in global markets, especially for trade settlements. With numerous benefits like stability and lower transaction costs, the RBI has already permitted banks from 22 countries to open Special Vostro Rupee Accounts for settling payments in Indian rupees. The significance of using rupee for international-trade settlement has gained more attention with India settling trade bills in rupees with Russia and the UAE in the past few months.

Additionally, the International Monetary Fund has identified the Indian Rupee as a potential international currency but inclusion of the currency in IMF’s Special Drawing Rights or the SDR basket still remains to be achieved.

Related Business News

Sensex falls 494 points, Nifty drops 221 as markets close in red

The domestic benchmark indices today closed in RED as the BSE Sensex lost 494 points to close at 81,006 and the NSE Nifty ended with 221 points down to settle at 24,749. The broader market the BSE midcap and smallcap indices shed more than 1 per cent each.

Locals oppose Baitarani West coal mines in Chhendipada,Outfit threatens no industry in Angul

Angul:Hundreds of affected people by upcoming Baitarani West Coalmine at Chhendipada have held a massive demonstration before Angul collectorate demanding cancellation of the coal project. The coal project is owned by Gujarat Mineral Development Cooperation at Chhendipada affecting dozen....

Locals oppose Baitarani Coal Mine at Chhendipada

ANGUL:Hundreds of affected people by B upcoming Baitarani West Coalmine at Chhendipada have held a massive demonstration before Angul collectorate demanding cancellation of the coal project. The coal project is owned by Gujarat Mineral Development Cooperation at Chhendipada affecti....

Bengaluru court orders FIR against Finance Minister Nirmala Sitharaman

BENGALURU: A Bengaluru court in Karnataka has ordered an FIR to be registered against Union Finance Minister Nirmala Sitharaman.The Special Court of People's Representatives in Bengaluru has ordered the registration of an FIR on charges of extortion,according to reports. The court has given th....

Indian Railways to operate over 6,000 special trains during upcoming festive season

The Indian Railways will operate over 6,000 special trains in the upcoming festive season for Durga Puja, Diwali, and Chhath Puja between 1st October and 30th November. Every year, Indian Railways runs special trains during the festive season to facilitate the travel of lakhs of passengers. There ha....